Coverages Available:• Liability:
Every motor carrier must carry liability insurance on every truck and trailer, as well as leased units. Liability insurance protects you against liability arising from damage or injuries to other people because of trucking accidents. • Physical Damage: Is coverage for your truck and/or trailer. This type of coverage provides actual cash value protection for your equipment in the event of an accident. This coverage applies to (but is not limited to) collision, vandalism and theft of the insured equipment. Your premium is based on the value of your equipment and is usually a percentage of the value. Coverage is not required by law, but if your vehicle is financed, the lien-holder (bank/loss payee) will require this coverage. • Motor Truck Cargo: Provides insurance on the freight or commodity hauled by a For-hire trucker. It covers your liability for cargo that is lost or damaged due to causes such as fire, collision, or striking of a load. The policy is purchased with maximum load limit per vehicle. The value of the load, and who is responsible for the condition of the load, should be clearly established and understood by both the shipper and the transporter before the shipment is moved. This is usually by contract or bill of lading. • Non-Trucking Liability (Bob-Tail) or NTL: Is insurance coverage for when you use your truck for non-business purposes. NTL offers you liability coverage for property damage or bodily injury to a third party. Any personal use between your return and next dispatch points will be covered under NTL. • Occupational Accident: Trucker’s Occupational Accident is an alternative to Workers Compensation, which is accident coverage for an owner operator or driver who gets injured while under dispatch. Note: this coverage is only available when Workers Compensation is not required. • General Liability Insurance (GL): Is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. • Garage Liability: Any business that handles customers' vehicles needs garage liability insurance in addition to its commercial general liability coverage. This includes businesses such as repair shops, car dealerships, tow truck drivers and service stations. • Garage Keepers: Legal Liability coverage is a coverage designed for business owners who offer towing services or operate service stations. It protects a customer's vehicle when you are keeping it at a covered location for parking or storing, or to perform service. • Warehouse Legal: Is a third-party liability insurance coverage. That means that if the warehouse operator is negligent in the care of the customer's goods, the insurance carrier directly pays the customer for the loss incurred. • Trailer Interchange: A type of coverage available under either the truckers or the motor carrier policy form that covers the insured's legal liability for damage to the trailers of others. Coverage is also available, by endorsement, under the business auto policy (BAP). • State & Federal Filings: Filings are electronic confirmation of insurance coverage sent direct from the insurance carrier. Note, that state filings may be required by some states, where federal filings will be required by the Federal Motor Carrier Safety Administration (FMCSA) for all trucking companies that travel interstate (long haul). These required federal filings are filed under forms BMC 91X (Liability) and BMC 34 (Cargo). • Intermodal Trucking: Intermodal trucking is the transfer of goods and products using various forms of transportation including the road, railroad tracks and water. We design an insurance policy that is specific to your business. With intermodal insurance, we offer you all the coverage and protection you could possibly need. Whether your business delivers your own products and commodities or products for another entity, we cover it all. Traveling by truck, train or ship; every form of transportation is exposed to different risks. • Customs Bond: A Customs bond is a financial guaranty between 3 parties: the Insurance/Surety company issuing the Customs bond, the Principal (who is required to file the bond), and Customs & Border Protection (CBP). • Surety Bond: A surety bond is defined as a contract among at least three parties: the obligee - the party who is the recipient of an obligation, the principal, the primary party who will perform the contractual obligation; the surety is who assures the obligee that the principal can perform the task. |
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