Understanding Motor Truck Cargo Insurance & Why You Need It!

A motor truck cargo policy provides insurance coverage and protection on the goods and commodities hauled by a for-hire trucker. This endorsement is especially important for owners and operators of moving companies.

This particular policy safeguards your liability for cargo that may be lost or damaged due to a variety of risks, such as:

  • Fire
  • Collision
  • Striking of a load; if your cargo is accidentally dumped on a roadway or waterway

There are various aspects to motor truck cargo insurance such as removal expenses coverage, in which your moving company can receive coverage pays for the cost to remove debris.

Does your company need motor truck cargo insurance?

It’s been quite common for truckers to be required to insure their cargo. In regards to insurance for moving companies, a motor truck cargo endorsement pays off, when you are responsible for damage or loss of a client’s cargo. When you enroll in a motor truck cargo policy, you have the opportunity to select a limit for your coverage; this limit reflects the maximum amount your insurance company will pay for damaged or lost cargo. Additionally you will need to choose a deductible.

Motor truck cargo insurance is available most often for the following commercial vehicle types: dump truck, tractor, most trailers, box trucks, cement mixers, cargo vans, dually pick-ups, flatbeds and car haulers.

It’s also important to understand what is and is not covered by the standard motor truck cargo policy. Below, you can find the most commonly excluded cargo types:

  • Art, jewelry, money, or paper
  • Contraband, pharmaceuticals, tobacco, alcohol
  • Live animals
  • Property while in custody of any other motor carrier
  • Storage greater than 72 hours
  • Shipping containers
  • Explosive or radioactive material
  • Property or goods owned by you, the insured

Adding a motor truck cargo endorsement to your commercial movers insurance package can allow you to protect your responsibility as a for-hire trucker. Interested in learning more about insurance for moving companies and the extra degree of protection a motor truck cargo policy can provide you? Contact the coverage experts at Wolpert Insurance to discover your specialized commercial insurance options today!