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Aon PLC on Monday said it has launched a monthly motor carrier insurance program offering coverage for fleets with 20 or fewer trucks.
The program, offered via online portal CarrierHQ, will offer up to $1 million for both auto and general liability coverage, a spokesman said.
Fleet owners will pay a variable insurance rate per truck developed using data from federally mandated electronic logging devices and based on a driver’s score provided by Aon’s rating algorithm connected with their actions behind the wheel, Aon said in a statement.
Those with safe driving actions will receive lower premiums, while risky driving will result in higher premiums, and rates can be adjusted each month, Aon said.
Fleet owners can also couple insurance with a CarrierHQ certified factoring partner, enabling the fleet to pay monthly insurance installments without any large down payments or costly premium financing, Aon said.
“In many cases, the upfront premium investment is a major barrier to entry or growth. By eliminating upfront fees and premium finance charges, we are empowering economic possibility by freeing up capital and improving cash flow, which will allow owners to grow their business,” Mark Epperson, Aon executive director, said in the statement.
Coverage will be available nationwide and in all states except New York, Alaska and Hawaii, Aon said.