Truck
insurance is a major operating expense for commercial trucking
companies and for owner-operators.
Various factors impact truck insurance costs: driving records,
age of the driver, age of equipment, commodities hauled, radius,
vehicle location, loss history, years in business, etc..
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These are the major types of trucking insurance coverage: Physical Damage insurance is coverage for your truck and
trailer. Premium is based on the value of equipment, usually a
percentage of the value. This coverage is not required by law
but the lien holder will require it. It is important to insure
your vehicle for the real value.
Primary Auto Liability insurance is required by federal
regulations. Every carrier must carry liability insurance even
on leased units. Liability insurance protects you when a third
party is injured in an accident.
General Liability insurance protects the business for any
property damage or bodily injury that might occur which does not
involve a truck (slip and fall, advertising and contractual
exposures, etc.).
Non-Trucking Liability (bobtail liability) insurance pays
for an accident when the driver/truck is not under dispatch.
Non-Owned Trailer Liability coverage protects the trailer
you are pulling for someone else.
Non-Owned Trailer Physical Damage coverage insures the
trailer you are pulling for someone else in the event of loss.
$20,000 is somewhat standard for trailers.
Trailer-Interchange Liability coverage protects a trailer
you are pulling when there is a interchange agreement in force.
Cargo Insurance covers damage/loss to freight in transit.
This coverage can have many exclusions.
Terminal Coverage protects freight located at specified
terminals in the event of loss. Usually there are time
limitations related to this coverage.
Warehouse
Legal coverage protects goods stored at specified locations
in the event of loss. For example as relates to theft, fire,
sprinkler damage. This amount of coverage is dependent on the
total amount of goods stored at the location at any one time.
