A multi-state transportation broker with $460 million in receipts and more than 500 employees
Finding adequate insurance to cover truck broker liability
The client is a very successful start-up from the late 1990s that matches shippers with trucking companies to move product efficiently throughout the country. GCG wrote all of the company’s original coverage, but the client had never carried truck broker liability insurance, leaving the company exposed to unacceptable risk. Due to the frequency and high cost of accidents involving tractor-trailers, insurance rates for this kind of coverage were very high and did not meet the desired limits of coverage the client needed. This deficiency threatened the client’s substantial balance sheet.
GCG scoured the market in search of an adequate and reliable provider. Ultimately, one was found via a broker who specialized in this area and maintained a strong relationship with a viable overseas insurer. After six months of negotiating with the broker and insurer, GCG was able to provide the client with a policy that provided both the necessary coverage with high limits and secured fair rates.