Understanding Transportation Insurance
Q: I work as a shipping forwarder, supplying customers with freight transportation services. Using all types of transportation, I work worldwide. I only have two trucks, a small warehouse, and, if it’s necessary, I will associate with an operator in order to ensure any of my customers’ inter-modal assistance. Will you assist me with all of the insurance policies I need to buy for protecting myself?
A: Looking for policies regarding available insurance for the transportation industry is not an easy task. You’ll need a trusted adviser and friend like Snyder Insurance to walk you through the best options. We offer great advice and insightful info about what to look out for in the future.
Transportation Insurance Advice
Usually, there is a policy accessible to make sure any of the services that you provide your customers are well protected. Within this approach, the benefit is simple: there is only the need to buy a policy in order to cover an exact service that you offer. However, there is a disadvantage. As the business grows you will have a bunch of separate policies that you need to buy, which can be more expensive and difficult to manage.
As an example, to cover your operation regarding the forwarding of freight, there is a possibility that you have already bought an Errors & Omissions policy. This will protect you regarding any of the responsibilities that you have when supplying your customers with the services they need. Would you like to learn more tips on how to save on transportation insurance? Sign up here: (clickable button)
Trucking Insurance Illinois
If you are a truck driver, you may have a trucking insurance Illinois policy named “motor truck cargo,” and if you have any losses of any of your goods inside your vehicles the losses will be covered. However, this is not part of the usual liability policy. Therefore, transportation insurance in Illinois needs to be purchased separately.
A policy named Commercial General Liability (CGL) is another one you might have. It will cover any exposure of your office. However, you will need to have another policy regarding property, for covering the loss of your warehouse or building.
Several of these CGL policies don’t cover any operations that are done within the warehouse. This means that, in order to do that, you will need to buy a “Warehousemen’s Legal Liability” policy. Since this type of policy is named “legal liability,” there won’t be any indemnifications regarding losses of the cargo if you are not directly responsible for it.
In order to protect against any losses, whether they were your fault or not, you should have insurance coverage under a property policy. This will protect you from any damages that may happen to any goods to which you have access, custody, or that you control. It’s usually called a “CCC” cover.
Your trucking insurance, whether in Illinois or other parts of the U.S., can also be bought through an endorsement for your policy regarding “open cargo,” which means that it will pay whoever owns the cargo for any losses that occur while in transit.
Finding The Best Transportation Insurance For You
Well, you now get it. Sorting this all out is not easy to do, and there is always the concern that any single one of these policies won’t cover everything you might need covered.
Today, there are insurers that specialize only in the field of transportation of goods. These can combine different covers into a single manuscript policy.
As an example, there are insurers that will combine within a single Errors and Omissions insurance policy cargo liability, motor truck cargo, and all the cargo that needs to be protected.
Some of these insurers also combine insurance for warehousing, consolidation, and any related exposure in their liability forms. If you search, you will be able to find many of these coverages in one policy.
While the logistics industry is constantly expanding regarding services customers are to receive, the question now regards the creation of a single policy for logistics that will protect the operator from any risk that may come. This policy would also include any special service that the operator will provide, and also any liabilities that would be agreed upon in specific contracts.
Call Snyder Insurance at (630) 960-4848 to learn more about transportation and specialized insurance coverages, and any policies that could apply to you.
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