Motor Carrier Cargo Insurance for Shippers and Carriers

Motor carrier cargo insurance is a must-have for shippers and carriers alike. It protects against financial losses due to cargo damage or loss during transportation.

Shipments of high-value goods, such as electronics and pharmaceuticals, require specialized coverage. This can include additional insurance riders to account for the increased value of the cargo.

A standard cargo insurance policy typically covers losses up to 110% of the cargo's declared value. This means that if the cargo is worth $10,000, the insurance policy would cover up to $11,000 in case of loss or damage.

Carriers often require shippers to purchase cargo insurance as a condition of doing business with them. This is because carriers want to minimize their liability for cargo damage or loss.

Motor carrier cargo insurance offers various types of coverage to protect against different risks. This includes coverage for physical damage to cargo, loss of cargo, expediting expenses, and legal expenses.

You can choose from two main types of cargo insurance: all-risks and specific hazards. All-risks policies cover all sources of loss, except those that are expressly excluded, while specific hazards policies only cover the risks that are specifically mentioned in the policy.

Some common risks covered by motor truck cargo liability insurance include physical damage to cargo, loss of cargo, and legal expenses. Here are some specific examples of covered risks:

Additionally, motor truck cargo insurance can also provide coverage for other business personal property, including office furniture and supplies, and moving equipment.

Inland Marine is a type of insurance coverage that protects against damage to property of others while in transit. It's designed to cover the legal liability of a carrier for damage to property of others.

AXA XL offers Inland Marine coverage, which covers the legal liability of a carrier for damage to property of others while in their care, custody, or control. This coverage is essential for motor carriers who transport goods on behalf of others.

Inland Marine coverage typically includes protection for cargo handling, loading, unloading, and transportation. It's a safeguard that protects against any financial losses resulting from cargo-related peril.

Here are some key features of Inland Marine coverage:

Shipment coverage is a crucial aspect of cargo insurance, and it's essential to understand what's included and what's not.

Physical damage to cargo, including damage caused by fire, theft, collision, water damage, and other perils, is typically covered under motor truck cargo liability insurance.

Loss of cargo, including cargo that is lost or stolen, as well as cargo that is damaged beyond repair, is also covered.

Expediting expenses, including the cost of expediting shipping to meet delivery deadlines in the event of a loss or damage to the cargo, are covered.

In addition to these, motor truck cargo liability insurance also covers legal expenses, including the cost of defending against lawsuits filed by cargo owners who have suffered losses as a result of damage to or loss of their cargo.

Here are some examples of cargo that is typically covered under motor truck cargo liability insurance:

However, there are some exclusions to be aware of, such as commodities like paper, jewelry, or works of art, illicit goods, prescription drugs, cigarettes, and alcohol, living creatures, personal property, and owned goods or property by the insured individual.

Choosing the right insurance coverage for your motor carrier business can be a daunting task, but understanding the basics can make all the difference. The limit of coverage is the maximum amount your insurance company will pay for damaged or destroyed cargo.

A higher deductible can help reduce your insurance premium, but make sure you can afford to pay it out of pocket in the event of a claim. This will help prevent financial strain on your business.

Motor truck cargo liability insurance is a type of insurance that protects motor carriers from financial losses in the event of damage to or loss of cargo while it is in their possession. This coverage is essential for truck drivers, as they are legally liable for the cargo they are transporting.

Physical damage to cargo, loss of cargo, expediting expenses, and legal expenses are all covered under motor truck cargo liability insurance. This includes damage caused by fire, theft, collision, water damage, and other perils.

Here's a breakdown of the types of expenses covered under motor truck cargo liability insurance:

Motor carrier cargo insurance offers a range of benefits and features that can help protect your business from financial losses. Our policies provide 23 additional coverages, including contract penalty, employee tools and work clothing, and freight charges.

You can choose from a flexible range of sublimits, which apply in most instances. This means you can tailor your coverage to suit your specific needs.

Our cargo insurance policies cover losses or damage to commodities while in transport, from the time the driver takes possession of the cargo to delivery at its destination.

The policyholder is covered in the event of a loss, as long as there are no perils or cause of loss specifically excluded in the policy.

We offer contingent coverage for freight forwarders and brokers, which provides an added layer of protection for your business.

Our insurance certificates are accepted by a range of major carriers, including Landstar Systems, C.H. Robinson, and JB Hunt.

Here are some of the key benefits and features of our motor carrier cargo insurance: