Jackson Lee Underwriting has launched a new Fleet GAP product to include agricultural vehicles. In the event of a total loss the policy either clears the outstanding finance / lease balance or pays 25% of the motor insurer’s total loss valuation, whichever calculation is the greater.
Underwritten by “A” rated insurers, the product can be sold at any time and covers a range of vehicle types from cars to 44 ton trucks and now agricultural vehicles, up to a maximum value of £350,000. Eligible Vehicles can be leased, on finance or even owned outright.
Mark McLaren, joint Managing Director at Jackson Lee Underwriting, comments: “In the event of a total loss, conventional motor insurance may not cover the full replacement cost of often high value farm vehicles and machinery, leaving customers with an outstanding debt. Few landowners or contractors hold a reserve for this type of event, leaving them at risk of a shortfall – a financial hit they can ill afford, particularly at harvest time. If your vehicle is declared a total loss, this policy can pay the greater of the difference between the motor insurer’s settlement and the outstanding amount of finance, or 25% of the total loss settlement figure.”
This product is available to insurance brokers via Jackson Lee’s online broker facility ABEL.
For further information, please contact SJ Wrigley at Spotlight Consulting on 07909546104 or firstname.lastname@example.org
Jackson Lee Underwriting is an MGA celebrating 25 years in business this year with offices in London, Devon and Warwickshire. It has been the BIBA approved GAP scheme provider since 2012 and specialises in bringing a broad range of innovative niche insurance products to the broker market.