Interstate Truck Insurance Required by the FMCSA
Not all interstate truckers perform the exact same duties and therefore have different exposures for the industries they serve. Hazardous materials have different coverage requirements than food and beverage, just as an example. Most interstate trucking cargo insurance programs examine each company on an individual basis to determine which policies address their current needs.
Since carriers are responsible for the cargo they control while it is in their possession, it is cargo insurance that covers losses or damage to the commodities youre hauling while the goods are in transit. While operating under a Bill of Lading, starting at the pointat which the cargo is taken into your possession, and up until it reaches its destination and issigned for, you need to insure the safety of the cargo at all times.
What happens when a loss occurs?
The policyholder will be covered in the event that a loss occurs while cargo is in transit, as long there are no perils or any cause of loss specifically excluded in the policy. Cargo policies are written based on the actual commodities being hauled and are very specific. Its vital that your policy addresses the type of cargo youll be transporting at all times. Cargo insurance policies are usually endorsed or modified to meet the needs and exposures of the particular carrier for hire.
You should also look into physical damage coverage. Physical damage covers the investment you have made in your truck. It covers a variety of perils other than collision, including fire, theft, vandalism, and wind and hail.
Public liability insurances coverage for interstate truckers that protect them and public citizens when an accident occurs where the trucker is at fault. The bodily injury portion of liability insurance pays for hospital bills of pedestrians, or other motorists, when injured in accidents.Property damage pays for repairs to other peoples property damaged in an accident and each type of coverage is available through interstate trucking cargo insurance programs in your area.
The price of trucking insurance is determined by several factors, many of which are outside of your control. The best thing you can do to lower your premium for a specific policy is to contact an agent and compare rates between different agencies.Its as easy as filling out a form and finding the best quote for your sector of the trucking industry.