Get a motor carrier/cargo insurance policy from Tipton Hill today
Trucking is an expensive type of business, and you as a business owner want to make sure it is protected against a variety of risks and exposures. After all, your truck is your livelihood. That’s why we at Tipton Hill Insurance strive to find the best insurance solutions amongst Motor Carrier and Cargo Insurance providers nationwide to be able to provide you with insurance solutions customized to meet the needs of your business. Choosing the right motor carrier and cargo coverage will be the most important investment for protecting your business and your assets.
While having the right motor carrier coverage is the right insurance choice for you as a business owner, you may also be required by law to have a certain amount of liability coverage as a part of Commercial Auto policy. You should also consider purchasing Commercial Liability coverage as a part of your insurance package. Speak with our experienced insurance agents today to learn more about your legal insurance requirements.
Things to Consider:
Mandatory insurance coverage required for motor carrier trucks includes:
- Bodily Injury – If you are at fault in an accident, this coverage pays for the other person’s covered expenses, such as rehabilitation, medical payments, funeral costs, and others. In the event you are sued, this coverage also pays for your legal expenses.
- Property Damage – If you damage another person’s property in a covered accident, this coverage pays for expenses needed to repair, replace, or purchase new property. In the event you are sued, this coverage also pays for your legal expenses.
If you are in the business of transporting others’ property, Cargo Insurance will offer protection from unforeseen events. It will cover your liability for damaged or lost cargo due to collision, striking of a load, or fire. If your motor carrier transports household goods across state lines, you are required by federal law to have Cargo Insurance. Some cargo types are not covered by Cargo Insurance, including art, money, paper, jewelry, tobacco, alcohol, pharmaceuticals, live animals, contraband, goods or property owned by the insured party, storage greater than 72 hours, radioactive or explosive materials, shipping containers, and property while in custody of another carrier.
Since commercial transportation carries larger financial risks than personal vehicle operation, having the right coverage for your trucking business will prevent you from losing great amounts of money in the event of an accident. Most customers in the shipping industry consider Cargo Insurance a must for doing business. Motor carriers hauling household goods are required to purchase cargo insurance. The insurance limits required are as follows: minimum of $10,000 per occurrence and $5,000 per vehicle.
Popular Coverage Options:
Removal Expenses Coverage
If your load is accidentally dumped on a waterway or roadway, the coverage will pay the costs of debris removal or pollution extraction.
Sue and Labor Coverage
The policy will pay for costs connected to preventing further losses to damaged cargo as well as legal expenses in the event of claims.
Earned Freight Coverage
The freight charges the customer loses because of not delivering a load will be covered by the policy.
Collision & Comprehensive
The coverage pays for the damages caused to your car in the event of a car accident or accidents other than collision. Such accidents include theft, vandalism, collision with an animal, and damages caused by fire, wind, flood, hail, or falling objects.
Fire and Theft Coverage
Specific coverage for trucks in some industries in the event of damages caused by non-collision accidents, such as theft, fire, earthquake, lightning, explosion, vandalism, flood, hail, windstorm, and others. Basically, it is a limited form of Comprehensive coverage.
The coverage will pay for medical expenses in the event you or your passengers are physically injured in an accident.
Uninsured or Underinsured Motorist
If the damage to you and your vehicle is done by a driver with no insurance at all or without enough insurance to cover the medical expenses, the policy pays for the damages to your vehicle, medical payments, and other losses resulting from a covered accident.