Jackson Lee Underwriting launches fleet policy with temporary replacement vehicle product
Jackson Lee Underwriting has launched what it claims is the market’s first Fleet GAP policy with a built-in temporary replacement vehicle solution.
In a total loss situation, where there’s no recoverable asset, fleet motor policies don’t provide temporary replacement vehicles whilst the insured’s claim is being processed. For any driver this would be problematic, but for commercial fleet customers where vehicles are often business critical, this is a serious issue, says Jackson Lee.
The policy is supported by a UK wide network of hire points, delivering vehicles direct to the policyholders’ premises. The product is available for commercial clients, covering vehicles leased, financed or owned outright.
Nick Mohan, joint managing director at Jackson Lee Underwriting, said: “A temporary replacement vehicle is vital for businesses that need to keep drivers in their fleet up and running. In the past this has proved costly and business critical. We could see that this was a significant gap in the fleet motor market, and we’re delighted to be the first to bring this to market as part of our Fleet GAP proposition.
He added: “Jackson Lee has a proud heritage providing mobility solutions tailored to specific niche markets, such as driving instructors’ dual controlled vehicles for example. This new variant of the GAP product has appeal to the broader broker market and provides cover where conventional motor insurance policies fail. The automotive sector is constantly evolving, offering innovative funding solutions to business operators where now as much as 90 percent of the market sources vehicles on a form of finance agreement. Fleet GAP is an essential product for businesses where the financial exposure following a total loss can be significantly more than the motor insurers’ total loss settlement. The many brokers who offer fleet GAP to their clients enjoy a renewal retention rate of 91 percent and we are confident the mobility enhancement will be an additional valuable benefit.” Get all the latest re/insurance industry news with our daily newsletter - sign up here.
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