Over the past few weeks, we have discussed the importance of reading over your insurance policy. Isn’t it funny how intimidated Americans are by large, technical word documents? Last month, Wolpert’s own Robert Mucci wrote an entire article on this issue, especially when it comes to those in the moving and storage business.

Since both Motor Truck Cargo (MTC) and Warehouseman’s Legal Liability (WLL) are classified as Commercial Marine Inland (CIM), these policies are written according to the writer’s own terms, conditions and charges. This can be a good thing, because it means that it will be tailored to each individual moving and storage company. However, sometimes this sort of technique will mean coverage gaps. According to the article, “Even though MTC and WLL policies are usually preprinted by the insurance companies for their convenience, they are at least theoretically modifiable, making them more susceptible to errors in customization.”

Let’s look at a quick example from Bob Mucci’s article:

“A carrier’s MTC insurance turned out to cover only shipments for which the trucking company issued the bill of lading. Because BOLs in this company’s operation are always issued by a steamship line, the forwarder or a shipper, the trucking firm had been paying hefty premiums for years for essentially zero coverage. They would have known if they’d read the policy.”

To read the entire article, head over to the Transport Topics Newsletter, here!

If you are concerned about your moving and storage insurance policy, do not hesitate to contact the experts at Wolpert Insurance. Our agents understand the risks you may face if there are gaps in your coverage. Together, we can make sure you do not face the worst case scenario.