This is the coverage that protects an insured from damages that may be incurred in a crash involving a covered unit. This coverage will pay for damages to physical property or for bodily injury to the extent that the insured is found negligent. The coverage can be written on a specified unit basis or can be blanketed for larger fleets. All motor carriers are required by FMCSA regulations to carry this coverage to protect the public from any damages caused by an insured unit. 49 CFR part 387.303 clearly spells out the limits of coverage that are required under different circumstances for those trucking companies operating as interstate carriers.
Physical Damage Insurance is a general term for a group of insurance coverages that protect your vehicle. It includes Collision, Comprehensive or the more limited Fire and Theft with Combined Additional Coverage (CAC) insurance. If you have a loan on your truck or want to fully protect your investment, you should choose Physical Damage Coverage.
Collision Insurance provides protection for your truck if it is damaged in an accident. It pays to repair or replace the truck if it collides with another object, overturns, or rolls over.
Comprehensive Insurance provides protection against almost everything but a collision with another vehicle. It insures you for theft and vandalism.
Fire and Theft CAC is similar to Comprehensive Insurance, except its coverage is limited to certain specific non-collision incidents. It is designed for specific heavy truck types and does not cover windshield damage.
In Physical Damage Insurance you have a deductible. A good way to lower the cost of your premium is to choose a higher deductible. But, you should always feel comfortable paying that out-of-pocket expense should you suffer a loss.
At Truck Insurance Specialists we will work with you to make sure you have the proper type of physical damage on your equipment, after all it is the largest investment you make into your business.
Motor Truck Cargo
Cargo Insurance covers any damages to the items you are being paid to deliver. Malfunctioning temperature units, damages during load/unload, or any other issues that may arise. A proper Cargo Insurance Policy needs to be in place to give your customers and drivers peace of mind, and your protect business.
General liability (GL) is an important coverage that provides protection for your business for any property damage or bodily injury that might occur, not involving a truck. General liability also can provide premises coverage used for business. Products and completed operations if excluded by the AL policy can also be covered under GL. General liability will also pay for bodily injury, property damages, personal injury/bodily damage, and medical payments with respect to the policy limits and coverages.
Non-Trucking Liability & Bobtail Insurance
Non-Trucking Liability Insurance will pay for property damage or bodily injury in the event of an accident when the driver/truck is not under dispatch and on personal time. The coverage can apply with or without a trailer and is in the form of an endorsement on a commercial policy.
Bobtail Insurance is similar to non-trucking liability and provides coverage when operating a truck without a trailer is commonly known as “bobtailing.” Bobtail insurance covers the tractor anytime it is not attached to a trailer regardless of whether or not the truck is under dispatch.
Occupational Accident Insurance is a type of contingent liability insurance that provides coverage for the owner-operator who may be leased onto a motor carrier. The coverage can be purchased by the owner-operator or the motor carrier, but acts as a safeguard for a fleet and independent contract should the owner-operator seek coverage under the motor carrier’s Worker’s Compensation policy.
Occupational Accident Coverage may provide coverage for accidental death & dismemberment, medical expenses, and disability in addition to other types of available coverages.