Great American Insurance Group has launched a captive offering aimed at motor carriers with independent contractor fleets.
The Great American Advantage Captive offers motor carriers member-owned group or single-parent captive opportunities that feature flexibility in risk-sharing structure, low costs entry and the ability to share in underwriting profits.
The captive allows motor carriers with large independent contractor fleets to have access to coverages from Great American Insurance Group, including non-trucking liability, physical damage, occupational accident, contingent liability and workers’ compensation.
Randal Smith, divisional senior vice president of Great American’s trucking division, said: “We’re delighted to offer this new product to motor carriers across the country. By participating, they have the opportunity to earn both underwriting profit and investment income, while protecting their independent contractors through a comprehensive insurance programme.”
Smith suggested that the new captive offering is “ideal for motor carriers with 50 or more independent contractor units that have an appetite for risk, are financially strong, and prioritise safety and successful claims management”.
