Motor Truck Cargo Liability
The nightmare of every for-hire trucker transporting cargo is being held responsible for product lost or damaged en route to the delivery site. Unfortunately, many unanticipated events can happen on the road, including load striking in low clearance areas, collisions, and fire. The costs incurred can be potentially devastating to a small trucking operation and difficult to recover from without the right policy in place.
The purchase of motor truck cargo liability protects the for-hire trucker from liability for cargo damage or loss. Additional coverage includes the removal of debris or pollution caused by an accident or spill, prevention of future similar events, and payment of any resultant legal expenses. Depending on the radius of service, and whether or not state lines are crossed, this coverage may be required per state and federal law.
One benefit of this type of coverage is that the policyholder has more control over the nature of their policy. There is no minimum coverage limit purchase required, and it may be determined by the policyholder. The type of cargo and the type of vehicle used to transport, however, should be considered carefully to ensure adequate coverage is purchased. Additionally, the policyholder may choose the amount of their out-of-pocket deductible. A higher deductible may result in lower monthly insurance rates overall but should be an amount that can be readily paid without great hardship.
Of note, certain types of vehicles and cargos cannot be insured, especially those at high risk for theft, and should be discussed with your broker.
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Bloomingdale, IL 60108
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