Truck Cargo Insurance

Motor Truck Cargo

Saberlines Insurance has solutions for Independent Owners Operators and other Trucking companies when they need Cargo Insurance. Motor Truck Cargo or Cargo Insurance will pay for cargo damage resulting from theft, fire, collision or damage to the cargo.

When buying truck cargo insurance, the trucking company should select enough coverage because the limit will determine the maximum amount the insurance company is willing to pay for the damaged or stolen cargo. The limit should be a good estimate of the maximum load value the trucking company may haul at any given time. If the limit is less than the load value at the time of a loss, then the claim will not be paid in full, but it will be a percentage of the loss, which is normally equal to the coverage limit purchased divided by the total load at the time of the loss. The trucking company needs to pick a suitable deductible, depending on the average load value. A deductible is an amount the insured agrees to pay out of pocket at the time of a loss. Choosing higher deductibles is a known way to lower the insurance premium. The higher the deductible, the lower the premium, but freight brokers may ask for a deductible that doesn’t exceed $1,000.

Some trucking companies, like moving companies, may require Cargo ICC and/or State filling. Household Good Movers will need filing for both liability & cargo. Motor Truck Cargo is available with truck liability, physical damage, or on a separate cargo insurance policy.

Items Included Under Cargo Insurance

Cargo Insurance policy will include extra loss related coverage, and at the time of the loss, the following sub-coverage may apply:

  • Unattended Truck Endorsement
  • Loss Mitigation
  • Earned Freight
  • Debris Removal
  • Scheduled and Unscheduled Terminals
  • Packing Container
  • Storage
  • Towing Expenses
  • Reefer Breakdown

Motor Truck Cargo insurance is available for “for-hire trucking” companies with one or more of the following truck types; Dump trucks, Tractors, Box trucks, Cement mixers, Cargo Dry Vans and Reefers, pick-ups (Hotshots), Flatbeds and Car Haulers.

The Following cargo types can be added to the policy with additional premium:

  • Art, jewelry, money, or paper
  • Contraband, pharmaceuticals, tobacco, alcohol
  • Live animals
  • Property while in custody of any other carrier
  • Property or goods owned by the insured
  • Property not under Bill of Lading
  • Storage greater than 72 hours
  • Shipping containers
  • Explosive or radioactive materials