Insurance Policy

Purpose

The New Day Company, LLC has established this Insurance Policy to outline the coverage in place that protects the company’s assets, employees, and operations from financial losses due to accidents, damages, or other unforeseen events.

Scope

This policy is applicable to all company vehicles, cargo, and operations under the purview of The New Day Company, LLC.

Policy Statement

The New Day Company, LLC maintains comprehensive insurance coverage to safeguard against risks associated with the transportation industry. This includes coverage for the fleet, cargo, liability, and other potential exposures.

Insurance Coverage

1. Fleet Insurance:
   • All company vehicles are covered under a commercial auto insurance policy, which includes collision and comprehensive coverage, ensuring protection against physical damage due to accidents, theft, vandalism, and natural disasters.
2. Cargo Insurance:
   • Cargo insurance provides coverage against risks of physical loss or damage to freight during transportation. This includes coverage for loading and unloading, as well as temporary storage during transit.
3. Liability Insurance:
   • Liability insurance covers legal liabilities to third parties for bodily injury and property damage that may arise from the operation of company vehicles.
4. Workers’ Compensation:
   • Provides coverage for work-related accidents or illnesses for employees, including medical expenses and a portion of lost wages.
5. General Liability:
   • Protects against third-party claims of property damage, bodily injury, and associated medical costs that may occur on company premises or due to company operations.
6. Umbrella Insurance:
   • Offers additional liability coverage beyond the limits of the underlying policies, providing an extra layer of security for significant claims.

Procedures

• Proof of Insurance:
  • All vehicles will carry a current proof of insurance card.
  • Drivers are required to present proof of insurance during traffic stops, at the scene of an accident, or when otherwise requested.
• Reporting Accidents:
  • All accidents or incidents must be reported to management immediately.
  • An insurance claim must be filed according to the instructions provided by the insurance carrier.
• Insurance Claims:
  • The company will promptly file claims for covered losses.
  • Drivers and employees must cooperate fully with the insurance company during the claims process.
• Policy Limits and Deductibles:
  • The company will review and adjust insurance policy limits and deductibles annually to ensure adequate coverage based on the current risk assessment.

Responsibilities

• Management is responsible for ensuring that all company vehicles and operations have current and adequate insurance coverage.
• Drivers and Employees are required to comply with this policy and cooperate with management and insurance providers in the event of an insurance claim.

Training

• All drivers will receive training on the insurance policy and procedures for reporting accidents and other incidents that may lead to an insurance claim.

Review

• This policy will be reviewed annually or as needed to reflect changes in the company’s operations or risk profile.
• Adjustments will be made in consultation with our insurance providers to ensure coverage remains appropriate and comprehensive.

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The New Day Company, LLC is committed to maintaining the highest level of insurance coverage to protect its employees, assets, and operations. This Insurance Policy provides a framework for the management of insurance-related matters and ensures that all company stakeholders are aware of the coverage in place and the procedures to follow when incidents occur. Compliance with this policy is mandatory for all employees.