Policy offers increased cover and e-trading capability

LV= Broker has launched a new truck product that offers increased cover and e-trading capability.

The division, which handles the business placed at LV= by brokers, said the new product has been designed to meet all of the insurance needs of a modern heavy goods vehicle (HGV) business owner.

Brokers will now be able to add one service van to each HGV policy, as long as the van is used predominantly as part of an HGV business. The van must be under 7.5 tonnes, owned by the policyholder and have no more than one row of seats to qualify.

The new product also has full-cycle electronic data interchange functionality, which is designed to save brokers both time and money by improving efficiency.

There is no need for manual calculation or re-keying once policy details are entered and brokers are able to quote new business, amend policies, and offer renewals through their software house. This is supported by the specialist vehicle trading team.

The product has been piloted with three brokers; C&C, Ratcliffes and McCausland Light and Ranklin. It is now available to all brokers via the LV= Gateway portal.

LV= Broker head of commercial distribution Kevan Aubrey said: “This new product will make it much easier for brokers to place HGV business with us.

“Not only does it include cover for smaller service vans, but it is fully traded online and can be transacted at the touch of a button. The feedback from our pilot has been very positive and we are delighted to be able to roll this out to all our specialist vehicle brokers.”