Texas Business Commercial Truck Cargo Insurance
The transporter of freight, and commodities, assumes responsibility for the cargo he has taken control of. The amount of that responsibility SHOULD be clearly established and understood by both the shipper and the transporter before the shipment is moved. This is usually done by contract, by bill of lading disclosure, or by published tariffs. Unfortunately, this level of detail is often overlooked by both parties.
Motor Truck Cargo insurance protects the transporter for his responsibility in the event of damaged or lost freight. The policy is purchased with a maximum load limit per vehicle. Under-insuring the load can prove catastrophic to you in the event of a claim. Make sure you understand the concept of co-insurance.
This insurance policy, without question, requires careful thought and evaluation prior to purchasing. In addition, you need to be constantly evaluating the nature of your freight to make sure the coverage meets the demands.
The Motor Truck Cargo policy can be, and usually is, tailored to meet your operations and exposure. Significant exclusions, or guaranty's of compliance by you, create many situations where there might be no coverage. A good insurance broker will ask you pertinent questions that properly address this concern. The Motor Tuck Cargo policy can also contain provisions to insure the cargo when it is in your terminal or warehouse. This exposure results when the freight can not be delivered the same day or is consolidated with other shipments. The coverage exists so long as there is no separate charge made for storage or warehousing.
Similar to Motor Truck Cargo is the Warehouseman's legal Liability insurance policy which protects you for the freight you charge storage charges for. You need to utilize a warehouse receipt, similar to a bill of lading, for the storage which specifies the terms of your storage contract.
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