Truck Insurance
The following is an insurance summary of basic truck insurance coverages for the truck and transportation industry.
Insurance is one of the largest fixed expenses that a trucker or trucking company faces today. It is one area that all individuals and companies need to revisit at least annually to make sure their needs are being met.
There are various factors that impact insurance costs, such driving records, age of the driver, age of equipment, commodities hauled, radius, vehicle location, loss history, years in business and the list goes on.
There are several types of trucking-related insurance coverages:
Physical Damage
Insurance is coverage for your truck and trailer. Your premium is based on the value of your equipment. Usually a percentage of the value.
Primary Auto
Liability insurance is required by federal regulations. Every carrier must carry liability insurance on every rig even on leased units.
General Liability
Insurance protects the business for any property damage or bodily injury that might occur which does not involve a truck. Typical
Non-Trucking Liability
Insurance pays for an accident when the driver/truck is not under dispatch. The coverage is sometimes referred to as deadhead coverage
Non-Owned Trailer Liability
Coverage protects the trailer you are pulling for someone else.
Non-Owned Trailer Physical Damage
Coverage insures the trailer you are pulling for someone else in the event of loss. $20,000 is somewhat standard for trailers.
Trailer-Interchange Liability
Coverage protects a trailer you are pulling when there is a interchange agreement in force. For example with a steamship line.
Cargo Insurance
Covers damage/loss to freight in transit. This coverage can have many exclusions such as unattended vehicle, maximum theft limitations
Terminal Coverage
Protects freight located at specified terminals in the event of loss. Usually there are time limitations related to this coverage. For
Warehouse Legal
Coverage protects goods stored at specified locations in the event of loss. For example as relates to theft, fire, sprinkler damage.
Once you have determined what insurance coverages you desire or need then you can rate shop. It is essential to work with an insurance brokerage, like M & A Insurance, who understands the trucking industry so that you purchase the right insurance with the best company at the lowest price.
Get all the information you need so you can choose an ideal coverage to meet your needs.
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