Cargo insurance provides insurance on the freight or commodity hauled by a For-hire trucker. It covers your liability for loss or damage due to causes such as fire, collision, or striking of a load.
If your cargo is spilled on a road or a waterway by mistake, our coverage covers the expense of removing the debris as well as the cost of cleaning up the contaminants created by the debris.
We would also cover costs associated with avoiding further harm to damaged cargo (Sue and Labour Coverage), legal expenses incurred in the defense or resolution of Claims, and even freight charges that the customer loses as a result of failing to deliver a load (Earned Freight Coverage).
Increasingly, risk managers are requiring truckers to insure their cargo. It costs if you’re liable for cargo damage or loss caused by fire, accident, or even hitting or running over cargo you’re transporting for a customer.
The maximum amount your insurance provider can pay for damaged or lost cargo is determined by this cap. It is therefore important to choose a deductible. When you make a lawsuit, a deductible is a sum you agree to pay out of pocket. Choosing a higher premium is a simple way to lower your insurance costs, just make sure it’s something you can afford to pay out of pocket at any time.