What is cargo insurance?
Cargo insurance provides coverage to property being hauled for-hire that is damaged while in a trucking company’s care, custody or control.
Who needs cargo insurance coverage?
An increasing number of risk managers are requiring trucking companies to insure the cargo they transport. When you are accountable for damage or loss to cargo due to fire, collision or even hitting the cargo that you transport on behalf of a client, it pays to have cargo insurance coverage.
What does cargo insurance cost?
The biggest factors in determining how much your cargo insurance premium will cost are:
- The type of product being transported. Load of plastics costs less to insure than a shipment of natural gas.
- The limits of your cargo policy. The most common limit is $100,000. If you are hauling high valued commodities, your limits may need to be higher.
- Your loss history. Prior losses will likely be factored in to your premium.
Disclaimer: Statements on this website as to policies and coverages provide general information only. All coverages are subject to terms, conditions and exclusions of the actual policy issued.