Transporting heavy freight loads comes with substantial risks, as transporters might be held liable for loads that are damaged or lost while in transit. Many transporters would find that providing compensation for lost loads would be an insurmountable challenge without insurance. Motor truck cargo insurance can help Massachusetts transporters protect against this risk.
Motor truck cargo insurance provides specialized liability coverage for cargo loads. The insurance may pay compensation if loads are lost or damaged during transit.
Most Massachusetts businesses that transport cargo loads should consider motor truck cargo coverage. Coverage is available for tractor-trailers, flatbeds, tankers, straight trucks and other equipment. Cement mixers, dump trucks, cargo vans and even dually pickup trucks might necessitate coverage for the loads they haul.
Some businesses may even find that they need motor truck cargo for certain jobs. An increasing number of risk managers are only granting contracts to transporters who insure their loads.
If coverage is required for a job, an insurance agent who specializes in these policies can make sure transporters secure enough protection through their chosen policy.
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The exact incidents that a motor truck cargo policy covers are determined by the terms and conditions of said policy. Depending on a policy's terms, it might cover incidents such as the following:
Collisions (accidents)
Severe weather
Fire
Theft
Vandalism
Highjacking
Accidentally running over
Again, the specific costs that a given motor truck cargo policy helps pay depend on the terms of that policy. With the right term, covered costs can include:
A knowledgeable insurance agent can review the specific costs that a policy covers with transporters.
Whether cargo is covered while trucks are parked depends on the policy, and on the situation.
Most policies provide coverage throughout the entire duration of transport. Coverage usually is in place when drivers stop for fuel, to take breaks, and possibly overnight.
When trucks are parked at loading bays, whether coverage is in place becomes less consistent. Some policies provide coverage during loading and unloading, often for a specific period such as 48 or 72 hours. Other policies don’t provide coverage for loading and unloading.
The vast majority of cargo that’s transported by truck can easily be insured. Policies are readily available for consumer goods, raw materials, heavy equipment, specialty parts, and many other types of cargo.
Insuring some cargo, such as potentially dangerous or high-value items, can be a little more challenging. An insurance agent who’s familiar with the nuances of motor truck cargo coverage can typically still find policies for items such as weapons, hazardous materials, radioactive materials, live animals, artwork and collectibles.
The premiums charged for insuring cargo vary, as they’re based on a multitude of factors. Distance traveled, cargo value, perceived loss risk and past claims are just several of the details that insurance companies consider.
Despite premiums varying, however, insuring cargo is usually affordable. It almost certainly costs less than replacing a lost load would be, and transporters can build the cost into their fees.
If you need help procuring insurance for cargo loads, contact the independent insurance agents at The Feingold Companies. Our Massachusetts agents are well-versed in the various insurance coverages that transporters need, including motor truck cargo insurance. We’ll make sure your loads (and your trucks) are protected well.
