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When insuring a family car, auto
insurance quotes are relatively simple. There
is state-mandated liability coverage, there is uninsured
motorist coverage, and there is also collision and comprehensive
coverage. When insuring commercial trucks, however,
whether you are covering one rig or an entire fleet,
there are many options to consider. This is a brief
overview of the most common truck insurance options:
Primary Auto Liability: Federal regulations
state that every trucking company must carry liability
insurance on every rig, even if the truck is leased.
Similar to the liability requirements for personal automobiles,
this will protect you if someone else is injured in
one or more car
accidents. If you're an owner-operator leasing
onto a company, be certain to find out if insurance
comes out of weekly driver settlements, or is covered
by the company.
General Liability: This protects your trucking
business against bodily injury or property damage that
isn't actually involved with a truck. This is often
nick-named "slip and fall" insurance, but
it covers other accidents as well as contractual exposures.
Non-Trucking Liability: This coverage, often
referred to as "deadhead" or "bobtail"
liability pays for accidents that occur when the driver
or truck is not under dispatch.
Non-Owned Trailer Liability: This protects trailers
owned by others, but pulled by you.
Trailer-Interchange Liability: This protects
a trailer you are pulling when there is an in-force
interchange agreement. (It often comes into play with
steamship lines, for example.)
Physical Damage: This coverage is for your truck
and trailer, and the premium is based on a percentage
of the value of your equipment. While it's not required
by law, if your rig is financed, it will be required
by the lender or lienholder. Since the insurance company
will only pay market value if there is a loss, this
insurance should be based on real value, no more, and
no less.
Non-Owned Trailer Physical Damage: This coverage, which
is usually a $20,000 policy, covers trailers you pull
for other people.
Cargo Insurance: This insurance covers damage
or loss to freight in transit, and comes with many exclusions,
like maximum theft limitations on target commodities
(electronics, garments and liquor, among others), or
unattended vehicle. Read this part of your insurance
policy very carefully so you know exactly what you are
and are not protected from.
Terminal Coverage: This is for loss of freight
located at specified terminals, and usually comes with
a time limit (generally about 72 hours per specified
load). If goods will be stored longer than the time
limit, Warehouse Legal coverage may be a good idea.
The coverage amount is based on the total value of goods
that are stored, docked, or off-loaded at any given
time.
Warehouse Legal: Mentioned above, this is the
coverage that protects stored goods at specific locations
in the event of loss due to fire, theft or sprinkler
damage, and is based on the total amount of goods stored
at the location at any given time.
While this is an overview of the types of coverage
you may need as a commercial trucker, you should make
sure you spend time with a commercial insurance broker
who understands the trucking industry in general, and
your specific needs, before committing to any policy.
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