Where To Find Cargo Insurance Companies
Did you know that there are over 60 companies that write cargo policies for truckers? Many of these are not easy to find.
We’ve brought together the top cargo insurance companies in one spot, even the hard to find ones, so that you can shop and compare. We can help every truck operation type that needs to insure cargo, including:
- Cargo Insurance for Moving Companies
- Cargo Insurance for Hot Shots
- Cargo Insurance for Couriers
- Hazardous materials haulers
7 Questions Truckers should ask before binding their cargo insurance policy
When shopping the companies for quotes, here are some critical questions to ask so you make sure that you are getting the proper coverage along with the cheapest price.
1) What does my cargo policy cover & what are the exclusions?
You should find a company that covers all the types of goods you carry without any gaps in coverage. Not all policies include:
- Losses from Water Damage
- Damage taken during loading or unloading
- Loss while in storage
- Loss due to broken refrigeration equipment
- Damage while moving household goods
2) Can I customize my policy?
You don’t want a cargo policy that covers materials you don’t haul; ask your agent to customize your coverage to suit the types of materials you typically move. You also want to make sure you can customize to the proper limits.
3) Can I combine my deductible with my liability and physical damage insurance?
Say you have a major accident where your truck, trailer, and cargo are all damaged. If you have to pay only a single deductible instead of three separate deductibles, you’ll end up saving money. This is great feature if you can find it.
4) Can I add coverage on the fly?
What if you come across a lucrative electronics load, and your current policy excludes that commodity? Some companies have a the ability to add special trip endorsements which would give you temporary coverage just for that load.
A representative from the company should also be available anytime you need him. He should be able to change your policy quickly and send you a new certificate of insurance so you can get back to hauling instead of wasting time at the terminal.
5) Do you offer Broad Form Coverage?
Broad coverage insures you for more types of incidents, and there aren’t as many gaps in your coverage compared to some narrow based polices. While a policy offering broad based coverage typically costs more, it is definitely something to discuss with your agent.
6) Does your coverage include theft limitations?
Some policies have limits when it comes to losses from theft. If your cargo is stolen, and you don’t have theft coverage, you might have to pay for that out-of-pocket. Talk to your agent and make sure this won’t happen to you. Also some polices that do cover theft, have very low limits, which could leave you holding the bag.
7) What is your claims handling experience?
It pays to have an experienced insurance company insuring your operation. If you have a cargo loss, will you company be able to settle this in a way that keeps the total loss under your policy limits? An experienced commercial cargo insurance company will be able to salvage and recover as much cargo as possible resulting in a lower loss, and hopefully under your limits.
Ready to shop? Let’s get the best deal on your cargo policy.