As we’ve previously outlined, the demand for truck drivers for long-distance transport has grown along with the increase in transport demands. So, if you’ve already filled one of the vacancies or are considering the possibility of venturing onto US highways, this is an article that will prove quite helpful!
Truck Cargo Insurance is insurance designed to cover any liability related to the thousands of dollars being transported in the body of your truck from point A to B.
When we hear about highway robberies, the trucks themselves are not usually the target of thieves but their load. Automotive truck cargo insurance protects the driver or the driver’s contracting company from liability when any damage to the goods occurs.
Cargo insurance goes hand in hand with your General Liability insurance. All cargo carriers are legally required to have at least a basic liability insurance, also known as haulier liability or carrier liability.
However, the coverage offered is quite limited as in most cases it only applies to cover for medical care in case of injury or damage to other people or goods, not the cargo itself.
Cargo Insurance protects any goods that you or the employee driving your truck may transport based on a transport contract. It exists so that you are not held responsible if the cargo is stolen, lost or damaged while in transit due to issues such as inadequate packaging, equipment failure, vehicle collision, cargo abandonment, and other situations.
There are possible variations in your cargo insurance, each with its own sets of limitations, inclusions and exclusions. Depending on the possible scenarios that your situation can provide. Cargo policies are usually based on the goods transported, so that the limits are in accordance with the actual values and expected risks.
If any shipment is partially or completely lost or damaged before reaching its intended destination, your insurance will compensate the loss party, up to the amount defined as your limit.
Each business is unique and the options within commercial transport insurance are numerous so that we can serve you in each of your specifications.
Cargo insurance for car transporters, for example, can differ significantly from cargo insurance for moving companies, just as insurance for transporters of hazardous materials is quite different from insurance for refrigerated food transporters, given the nature of the operations, the type of care and the risks associated with each.
As the truck liability coverage can be intended to cover risks involved in local or long-distance transport, it can cover specific shipments or a series of shipments within the scope of the policy rather than just offering continuous coverage.
Your truck’s cargo coverage should specify which properties will be covered, such as art, fine metals, live animals, or antiques.
In addition, it will also indicate where the cargo will be covered, whether it will be in transit or at designated facilities.
Another specification might be the scenarios that the policy covers or doesn’t, such as damage to the property while it is being installed, assembled or dismantled.
Your policy will also specify exclusions from coverage, which may range from government action, war and other military actions or criminal acts perpetrated by you.
If you need additional protection, you can also purchase a variety of recommendations or add-ons to meet your needs, such as:
Cargo liability insurance generally involves a deductible, which means that the insured partially determines the amount he is willing to pay out of pocket, in the event that he sues the insurer for compensation for certain losses.
The cost of your policy will vary depending on criteria such as travel distance, body and trailer size, and of course what items will be transported, which can make it difficult to define a general value.
Hazardous materials such as propane, paint, fertilizers, chemicals, earth, medical waste, or contaminated products may require additional coverage, following requirements of the Department of Transportation (DOT), the Occupational Safety and Health Administration (OSHA) and the Environmental Protection Agency ( EPA) due to the extra risks associated.
Does it seem like a lot of information to take in and decisions to make? BRZ has specialists ready to answer your questions and to help you find the cargo insurance that suits your needs.
There are no tricks up our sleeves! Give us a call today for a free, obligation-free quote.
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