Trucking Insurance
Truck Insurance
According to the guidelines established by the Federal Motor Carrier Safety Administration (FMCSA), all commercial vehicles are required to have liability insurance to travel on U.S. roads.
As a company with extensive experience in the cross-border market, InterBrokers has liability insurance for both Mexican and U.S. commercial trucks traveling on American roads. This insurance has coverage for events occurring within U.S. territory and protects against damages to third parties, property damage, and personal injury.
We offer a wide range of insurance policies that will meet the needs of every carrier, from regular cargo units to those transporting hazardous materials. This coverage applies to operations carried out in the transportation of goods within commercial zones, interstate routes, and across the nation. InterBrokers provides you additional benefits like medical expenses and coverage for the value of your loads, so you do not have to worry about anything.
Truck Insurance Coverage in the US
Commercial Auto Liability Coverage
300,000.00 dlls
This amount of coverage is granted as support to protect those units considered light. (up to 5,000 lbs.)
$750,000.00 USD
This amount of coverage is granted as a backup to protect those units considered medium, heavy or heavy trucks. (from 10,000 lbs to 80,000 lbs.)
$1,000,000.00 USD
This amount of coverage is granted as a backup to protect those units considered medium, heavy or heavy trucks. (from 10,000 lbs to 80,000 lbs.)
$1,000,000.00 USD HazMat
This amount of coverage is granted as a backup to protect those units considered medium, heavy or heavy trucks that transport material considered dangerous, whether chemical, explosive or toxic. (from 10,000 lbs to 80,000 lbs.)
General Liability Truck Insurance
About the General Liability Truck Insurance
This type of insurance covers more than just the vehicle in use, as it offers protection against injury and property damage on and off the premises or while transporting or offering your services. In addition, this policy provides solutions that are tailored to the specific needs of your business.
Considerations about the Additional Coverage
The protection provided by the basic insurance policy is usually sufficient for your business operations. However, when there are elements to consider, such as storing fuel within your facilities or transporting goods through customs, then it is advisable to seek additional coverage.
It is recommended that you review all of the items in the additional coverage policy with your insurance broker to make sure that it meets each of the requirements your company needs.
General Policy Limits
The basic insurance policy limit can range from $30,000 and up, although this amount can be increased with each occurrence to $1 million, plus an aggregate of $2 million. The above amounts may vary according to the client’s needs.
Auto Liability Insurance
About the Truck Liability Insurance
This type of insurance usually represents the largest expense for trucking companies, but it is essential because it provides protection against damage or injury to third parties, and it is required by state and federal agencies, which request insurance records.
How Much is the Liability Insurance for Trucks?
The policy cost tends to be affordable and is provided according to the vehicles in inventory. This does not represent a great inconvenience, except when changes are made to the vehicle list, the inventory is extensive or there are subcontractors involved, therefore it is recommended to maintain close contact with your insurance broker.
Companies can be granted a customized policy, for example, in case they have a larger number of trucks or when their inventory remains unchanged. The policy estimate can be determined on the basis of the total cost or the mileage, depending on the client’s needs. The insurance covers the client’s own vehicles, non-owned vehicles, rental vehicles, subcontracted vehicles, and even private passenger vehicles. For more information, consult with your insurance broker to find the best coverage option for your company.
Considerations about the Additional Coverage
There are other endorsements that can be added to commercial vehicle insurance, which should include pollution liability, but may also include those that offset potential losses or reduce overall operating costs to some extent through deductibles. The interstate trucking insurance policy should include forms MCS-90, BMC-91x, and those that extend coverage as required by regulatory agencies.
Truck Liability Policy Scope of Coverage
The Federal Motor Carrier Safety Administration usually sets a $750,000 minimum limit for trucks carrying a gross load exceeding 10,000 pounds on interstate highways, a limit that is matched among states.
Physical Damage Truck Insurance
What does it cover?
Physical damage insurance, as its name implies, provides protection to commercial vehicles according to the potential risks or following physical damages after a collision. As always, it is up to the client to choose the best option according to their budget, but it is always advisable to choose the most complete policy to avoid financial losses.
Physical Damage Deductible
Based on the policy you choose, you will have a deductible that you must cover in full. The higher your deductible, the lower your insurance premium. Consult your insurance broker for more details.
How do I estimate the value of my equipment?
It is possible to establish the value of your trucks according to these two criteria: the declared value or the actual cash value, but you should always know the current market value of your equipment. Keep in mind that whichever method you choose, the policy will offer the lowest price for repairs or replacements, so seeking advice from your insurance agent will be your best option.
Towing Expenses
It is highly recommended to evaluate a coverage option that considers the additional expenses involved in the use of towing, recovery payment, and storage after a claim as they can significantly increase your operational costs.
Non-Owned Trailer and Trailer Interchange Coverage
When transporting goods by truck, there is always a risk of accidents, and therefore it is important to have the right coverage, especially when using trailers that are not owned by the company. The type of coverage will depend on whether there is a previous trailer interchange agreement. If there is no interchange agreement and there is physical damage to a non-owned trailer that is attached to a company-owned truck, you will be insured when choosing the non-owned trailer policy. As with equipment physical damage insurance, you will need to choose a deductible option to cover the costs after a claim. As always, upgrading your coverage will bring you greater benefits and provide you with much more comprehensive protection.
Cargo Truck Insurance
The cargo truck insurance offers protection in case of damage or loss of the cargo to be transported. The cost of the policy is proportional to the maximum quantity of freight per vehicle, a provision that avoids losses.
The operator must have knowledge of the liability to be assumed for the merchandise or goods to be moved prior to the shipment through a written agreement or contract with the shipper or through the bill of lading or the published tariffs.
Costs and Considerations
Before making a decision on which policy to acquire, you are urged to evaluate all the important aspects that the coverage must present according to the characteristics of the cargo to be transported. The cost will also depend on a thorough study of these characteristics, as well as the volume of cargo and the number of vehicles in your inventory.
The best way to evaluate your transportation needs in order to make the most appropriate decision for your company is to discuss with the insurance agent all possible scenarios and risks that could occur under given circumstances. This is done with the purpose of having the most comprehensive coverage.
There is an option to protect the cargo when for some reason the transportation cannot be completed that same day or it is a consolidated shipment (multiple shippers) and the cargo is at your terminal or warehouse, provided there is no extra charge for storage. As with truck liability insurance, cargo insurance is estimated based on scheduled truckloads, or gross revenues.
About the Warehouseman’s Legal Liability insurance
In the event that your company charges a fee for freight storage, you may want to purchase a warehouseman’s legal liability policy. What is it about? It protects the customer’s cargo while it is in your custody, care, or control, which is why it is also known as CCC insurance. For this policy to be valid, you must have a document of proof such as the warehouse receipt where the conditions of the contract are established, as well as the limits of liability in force. As with other types of policies, you must specify the amount to be protected based on one of the criteria discussed above, such as cargo weight, declared value, or similar. This type of policy is only limited to protecting the freight when it has not been altered by your company. In case of damage during a goods handling process, it is recommended to seek alternative coverage with your insurance agent.
Truck Pollution Insurance
Choosing a general or standard insurance policy comes with some limitations, so it is always advisable to evaluate and select with the help of your insurance agent the ones that best suit your company. In the event of an accident where pollutants such as fuels are spilled, truck pollution insurance, which is a type of environmental insurance, is highly recommended. A comprehensive environmental policy will protect you in the event that a hazardous material is spilled during transportation.
Commercial Crime Insurance for Trucking Industry
Please be advised that both warehouseman’s liability insurance and cargo insurance do not provide protection in the event of theft by warehouse employees or truckers. For your convenience, you may add commercial crime insurance. Consult your insurance broker for terms and conditions.
Protection for Commercial Property
Commercial property is defined as the physical resources in which a company’s business activities are conducted, such as the facilities, the land on which they are located and the capital to be invested. Therefore, commercial property coverage also provides protection for the expenses involved in your company’s activities, including those that seek to offset losses.
Workers’ Compensation Insurance
It is a legal duty of employers to provide protection for their employees when accidents occur at work or in case of illness. The estimation of the coverage should be based on the characteristics of the job to be performed and the employees’ salary. Keep in mind the importance of thoroughly evaluating with the help of your insurance agent the coverage provisions of this type of insurance, especially since freight handling and transportation is an activity in which accidents can occur frequently.
Occupational Accident Insurance
As mentioned above, trucking often represents a common risk for employees, so workers’ compensation insurance is a perfect choice, especially since the commercial trucking industry has a high rate of independent contractors. This type of insurance will help the trucker cover medical expenses, disability, and compensate for lost wages due to absence from work. This type of insurance applies only when the injuries occur during the performance of work activities.
About Commercial Equipment Insurance
Unlike commercial property insurance, commercial equipment insurance protects the physical equipment with which independent contractors or truckers perform their work. Some of the equipment covered by this coverage includes hardware, forklifts, backhoes, padding, etc.
Umbrella and Excess Liability Insurance
In the trucking business, it is very important to study and select the different insurance policies to get the most amount of aspects covered. However, sometimes having variety is not enough, so there are Umbrella and Excess insurance. Adding these services will protect you in cases where the coverage limit of a given policy you already have is exceeded.
With the Umbrella and Excess insurance, you will be protected in the event of damage exceeding the coverage limit of selected insurance policies. Important note: Umbrella insurance is an extra when the applicable insurance premium limit is reached so that you do not have to cover the excess amount, yet it does not cover all the existing policy varieties. It is therefore recommended that you seek advice from your insurance broker to purchase the variety required for your business.
HazMat Truck Insurance
Transporting hazardous materials with your truck involves increased risk and requires specialized training. Most states require a hazmat endorsement on a CDL license before the driver may transport hazardous materials. Federal regulations also require drivers to participate in the Hazardous Materials Endorsement Threat Assessment Program. We can provide insurance coverage for various hazmat cargo.
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