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Coverages



Specialty Coverages

Vanliner and TransProtection also offer several specialized coverages, all at competitive rates.

The following coverages are available:

Employment Practices Liability

Coverage can be purchased for liability imposed by law for damages caused by wrongful employment practices and covers acts of discrimination by the insured or any persons for whose acts the insured is legally liable. Employment liability policies can eliminate some of the coverage gaps that exist in general liability, umbrella, and directors and officers liability policies by providing coverage without the standard exclusions for intentional acts, employment related matters and claims against the entity. Remedies under the laws are reinstatement, back pay, lost benefits and attorney fees.

Occupational Accident

Occupational accident insurance (also known as work injury insurance or "OCC-ACC") is an insurance product designed to provide insurance coverage for medical expenses and loss of wages and to provide benefits resulting from loss of use of a body part or some other type of permanent impairment or permanent disability caused by a work injury. The benefits and expenses paid are similar to the categories of benefits covered under many states' workers compensation laws, yet the amounts are fixed by contract and typically have no relevance to the state where the injury occurred, where the injured party lives, or where the company is located.

Professional Liability Insurance

In prior decades, the definition of a "professional" expanded to include a number of other occupations in which special knowledge, skills, and close client relationships are paramount. The insurance industry has responded to this issue by expanding its professional liability capacity to embrace many of the newer classes of professionals, including Movers and Warehousemen. The "insured" in many of the policies includes the covered organization itself and its past or present partners, directors, officers, and employees while acting within the scope of their duties. The policies include coverage for defense costs, even if a suit proves to have no merit. The policy premium is typically based on the following factors: the professional involved, the number of professionals covered, annual revenues, location of the business, the limit of liability, and the deductible.

Bonds

Bonds are financial guarantees - not insurance. A surety bond has three parties to the contract - the principal, the obligee and the surety. The principal purchased the bond to protect the obligee for failure of the principal to fulfill its obligation under a contract with the obligee.

Principal - Party who requests bond (e.g., United or Mayflower agent).

Surety - One who pays if principal doesn't (e.g., insurance company/surety co.).

Obligee - Party requiring the bond (e.g., bank, county, national account).

Some of the most requested bonds are:

  • Bid Bond

     Guarantees that the bidder will enter into a contract at the proposed price and provide the required performance and payment bonds.

  • Performance Bond

     Indemnifies the owner for financial loss caused by the contractor's failure to perform the contract in accordance with all the terms and conditions of the contract.

  • Fidelity Bond

     A bond which will reimburse an employer for a loss, up to the amount or penalty of the bond, caused by a dishonest act of an employee covered under the bond.

  • Fiduciary Bond

     A bond that guarantees an honest accounting and faithful performance of duties by administrators, trustees, guardians, executors, and other fiduciaries.

  • Surety Bond

     An agreement providing for monetary compensation should there be a failure to perform specified acts within a stated period.

Content taken from Western Surety Company's Miscellaneous and Contract Bonds Workbook.

Flood/Earthquake

Coverage for the flood and earthquake perils is typically excluded from commercial property policies. When these exposures exist, coverage can be obtained through specialty markets or surplus lines carriers.

Inland Marine

Coverages are available in the form of inland marine floater policies to cover unique or unusual commodities, satellite communication equipment, tools, personal articles, and other items of special or high values.

Ocean Marine

Coverage is provided for loss or damage to a customer's goods while in transit to an overseas destination and for both temporary and permanent storage.