Cargo Insurance Changes for the Trucking Industry

The past year has been difficult for cargo insurance companies. Three claims in particular had an adverse impact on the cargo insurance industry. A big loss at a distribution facility following tornados in Nashville, a loss in the Port of Beirut and a loss aboard the Golden Ray vessel, which lost 4,200 vehicles on board. All cargo insurance carriers share the same reinsurance markets, so ocean cargo and international losses influence the domestic truck cargo insurance market as well. These large losses lead to increased premiums and coverage changes for all cargo insurance policies.

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