Berkshire Hathaway Specialty Insurance (BHSI) today announced that has expanded its inland marine product line in Canada with the launch of its Motor Truck Cargo Legal Liability Policy, a new product that protects against the legal liability exposure commercial truckers face when carrying third party goods.
“This product provides Canadian trucking companies with an insurance offering that responds to their needs in both Canada and the U.S. With the industry evolving, and more trucks crossing the Canada-U.S. border annually, we developed a solution that provides modern coverage and is responsive to both Canadian and American exposures,” said Gord Rider, Senior Underwriter, Marine, BHSI in Canada.
The policy is designed for mid-sized Canadian-based motor carriers specializing in transporting commodities primarily in Canada or cross-border with the U.S. Truckers and cargo are covered anywhere within Canada and the continental U.S.
Key policy highlights include:
• Legal liability coverage regarding property of others while in the ordinary course of transit or while at a terminal location for a specified period of time;
• Cross Docking coverage addressing an insured’s legal liability for direct physical loss or damage to property insured in its care, custody or control during cross docking operations at a scheduled terminal;
• Defence costs coverage that is outside of the policy limit;
• Employee theft coverage with respect to an insured’s legal liability for direct physical loss or damage to property insured resulting from theft by an insured’s employees; and
• Expediting expense coverage, such as reasonable additional labor or overtime costs, fuel costs and freight charges, necessary for timely delivery of the property insured when a vehicle cannot deliver the property due to physical loss or damage to the vehicle, including repair of the vehicle.
BHSI’s new Motor Truck Cargo Legal Liability Policy is the latest addition to its Marine & Inland Marine suite of products in Canada. The portfolio also includes Ocean Cargo, Builder’s Risk, and Contractor’s Equipment products.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.