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Friday, April 04, 2008 1:41:58 AM
Quality Distribution, Inc. Announces Reduction of its Self-Insured Auto Liability Deductible from $5 Million to $2 Million Per Occurrence
TAMPA, Fla., March 31 /PRNewswire-FirstCall/ -- Quality Distribution, Inc. (Nasdaq: QLTY) (the 'Company') announced that effective March 31, 2008, the Company has purchased an insurance policy from subsidiaries of AIG to cover all auto liability claims between $2 million and $5 million dollars. This policy does not have an aggregate limit. The initial term of the policy is 18 months. Previously, the Company was responsible for the first $5 million of any auto liability claim. The Company's current excess liability policy covering claims between $5 million and $40 million remains unchanged.
(Logo: http://www.newscom.com/cgi-bin/prnh/20041104/FLTH034LOGO )
Timothy B. Page, Chief Financial Officer said: 'Reducing our self- insurance exposure to $2 million for any one claim should reduce our exposure to earnings volatility related to insurance expense. Furthermore, we are very pleased that the premiums for this policy are not expected to increase our total insurance expense beyond the level that the Company has previously indicated.'
Headquartered in Tampa, Florida, QDI, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(R) facilities. QDI is an American Chemistry Council Responsible Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.
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