If you are involved in an accident while transporting cargo, do you have the insurance you would need to cover any losses you sustain? Motor truck cargo insurance coverage can provide an additional layer of protection beyond basic carrier liability, and protect you against unforeseen losses because of damage or theft.
What Is Covered?
While the specifics of any one policy are determined by the insurer and the insured party, this type of insurance typically covers:
- equipment failure, including refrigeration breakdown
- fire or water damage
As this list illustrates, a more comprehensive level of coverage could have a significant impact in a number of situations. In some cases, motor carriers may be able to purchase additional endorsements that cover costs such as:
- debris removal, reloading, towing, traffic control and security
- loss data preparation coverage
- earned freight coverage, for income lost due to an accident
- fire department surcharge
Any one of these could add up to substantial out-of-pocket costs, particularly if the cargo in question has a high dollar value, or an accident causes major damage.
Peace of Mind on the Road
The principle reason to acquire motor truck cargo insurance coverage is financial, but beyond that, it can provide peace of mind that will allow you to focus on your work without worrying that an accident will create more of a financial setback than you can handle.