Jackson Lee Underwriting has launched Top UP GAP for single commercial and heavy goods vehicles (HGV).
Underwritten by Sompo Canopius, the policy is available for vehicles from 3.5t GVW to 44t GVW. In the event of a total loss occurring, the policy will increase the motor insurer’s settlement by 25% (maximum claim limits apply according to vehicle size). Settlement is made to the insured in addition to the payment from the motor insurer. The product is annually renewable and allows for a change of vehicle.
In the event of a total loss, conventional motor insurance may not cover the full replacement cost of commercial vehicles, leaving customers with potentially a significant outstanding debt on Finance and/or unable to pay for a new vehicle which is often business critical.
Nick Mohan, joint Managing Director at Jackson Lee Underwriting, comments: “This is a buoyant market and we are delighted to be able to offer brokers access to this specialist product. Commercial and HGV vehicles are a significant investment which tend to be funded on five-year finance / lease agreements. Conventional GAP insurance in this sector has not been developed to reflect the broad range of funding available now to operators with many insurers still settling total losses on market value.”
Top UP GAP 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
Notes to editors
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.
Sompo Canopius writes global specialty (re)insurance as part of Sompo Holdings Inc., which has total assets of close to $100 billion. It underwrites a diversified portfolio of specialty lines business from its operations at Lloyd’s and around the world.