Alps, a managing general agent (MGA), has launched a new Fleet GAP insurance product for commercial fleet operators in collaboration with AMS Insurance Services Ltd. The policy covers financial shortfalls after a total loss event, with options of one to four years and no fleet size restriction. Claims are capped at £50,000.

The product, underwritten by Financial & Legal, addresses the higher risk exposure of fleet vehicles. It aims to protect assets and business continuity by covering the gap between insurance settlement and vehicle purchase price or outstanding finance balance. Fleet GAP covers events like theft, fire, and accidents for passenger cars and light commercial vehicles.

AMS Insurance Services Ltd Managing Director, Paul Fuller, sees the product as a way for fleet operators to avoid financial setbacks following total loss claims, allowing businesses to focus on growth and customer service. Alps’ launch of Fleet GAP is part of a strategy to offer brokers unique insurance solutions in a competitive market, supporting business momentum.

Alps’ Managing Director, Michelle O’Reilly, emphasizes the policy’s optimization for fair value to safeguard assets and business continuity. The product is tailored for commercial fleet operators facing higher risk exposure due to more frequent and longer drives. Fleet GAP aims to eliminate financial setbacks and help businesses maintain momentum for growth and customer service.

Read more at Yahoo Finance: Alps launches fleet GAP insurance product in partnership with AMS