Motor Carrier Insurance
In the normal course of business, you may be called on to transport vehicles from one location to another on a carrier. You need to be sure that you have insurance that will cover any damage that may occur to them during transport. After all, your customers expect to get their purchase in perfect condition. Having the right insurance helps you in case an accident or negligent loading/offloading damages the vehicle(s) in transit.
With the right policy, you are covered during transport of the vehicles for damages such as scratches, dings, dents, and gouges. You are also insured for neglect in loading, unloading, and transport of vehicles by the driver. The policy also pays when you are responsible for damage to or loss of the vehicle due to fire, collision or even hitting the vehicle that you transport on behalf of a client.
Each policy and provider has different limits and deductible options, so please call your AutoRisk representative to make sure your coverage doesn’t fall short.
Areas of concern for carrier insurance include:
- Striking a load while passing under a bridge or an overhead structure.
- Diminished value – the actual or perceived loss in value that results from a direct or accidental loss to a vehicle that had been transported.
- Loading and unloading – provides coverage for the vehicle while it is being loaded or unloaded.
- Theft from an unattended vehicle – when a tractor-trailer is left unattended and a theft occurs, many policies have exclusions to avoid covering the loss.
- Debris removal expenses – coverage if vehicle(s) are accidentally dumped on a roadway or waterway, representing the cost to remove associated debris and/or to extract pollutants caused by the debris.
- Constructive total loss – partial loss that is nonetheless so great (for example, due to a fire), that the cost of restoring the damaged vehicle(s) would exceed the value after restoration.
- Earned freight coverage – replaces income lost when a load cannot be delivered for reasons stipulated in the policy.
- Earned freight coverage – coverage for freight charges the customer loses because of not delivering a load.
