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Liability Limits and you – Choosing appropriate limits

Liability Limits and you – Choosing appropriate limits

I have just returned from vacation – it was a great time – and upon my return I heard about a transport truck that collided with the overpass of the 404 while traveling eastbound on highway 401. From experience I know that when you get into a car accident, the city usually requires that you pay for any damage to road or highway infrastructure that you caused.



Special attention should be drawn to this case because of the nature of the damage that could have occurred. Apparently the transport truck was carrying a material that when ignited, burns at an extremely hot temperature. The intense heat has the potential to compromise the integrity of the concrete and the steel re-enforcements keeping the structure together.

If this is the case, the damage to the bridge would be tremendous! Most fleets insurance policies carry $2 - $5 million of liability coverage. In this case, I would sincerely hope that the company that transports material that can cause that much damage, would carry higher limits.
The whole point of insurance is to pay for the times when the unthinkable happens – for this company, it did happen. The damage to repair a major highway overpass is probably a little more than $2,000,000? So what happens when the insurance is used up? Easy! You or your company pays for the rest!

When structuring your liability policy, you don’t necessarily have to just take the biggest limit…instead try layering it. You can start off with a $2,000,000 limit with a low deductible (say $1000), but if you add excess liability – say $3,000,000 – you will be doing 2 things:

- Increasing your coverage for less money (excess liability a.k.a. umbrella liability, is generally cheaper than the base liability)
- Increasing the coverage on your property policies as well – the umbrella blankets over other coverage

The more your vehicles are on the road, the higher the liability limit that you should have – it makes sense for your own protection and your bottom line.





Liability Limits and you Choosing appropriate limits - To learn more about this author, visit Claudio Cipriani's Website.

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Claudio Cipriani
(Visit Claudio's Website) Claudio Cipriani is a registered insurance broker that represents: Several property and casualty insurance companies through the offices of Mitchell Sandham Insurance Services Desjardins Financial Security, Great West Life, Empire Life, Manulife and other carriers through Mitchell Sandham Financial Services. I hold my BA in Sociology from University of Western Ontario, graduated top of the class in the RIBO level 1 licensing course and holds his full LLQP Life License, regulated by the Registered Insurance Brokers Association of Ontario & the Financial Services Commission of Ontario and is trained by Cookston-Walker as a Commercial Insurance Producer. Using my extensive and ongoing training in business insurance, life insurance and insurance strategies, I am committed to providing tips, advice, and explain more complicated concepts to you in real life scenarios so that you can better understand the insurance world and your own insurance policy

Claudio Cipriani is a Gold author on EvanCarmichael.com
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