Mind the Gaps in your Trucking Insurance

If you operate a transportation or logistics company, you are aware of losses and how they can cost thousands of dollars should an accident occur.

The most effective way to prevent gaps in trucking insurance coverage is to ensure that you have the right agent who understands your business. An agency that specializes in transportation and trucking insurance coverage will be able to give you a comprehensive overview of what coverage you need to protect your operation.

Here are just a few items that can be overlooked in your current insurance policy.

Miscellaneous Equipment Coverage
It is not uncommon for truck drivers to use binders, tarps, tie-downs, chains, and other equipment to secure cargo on their trailers. This equipment is normally covered under the trailer’s Physical Damage policy if the trailer is owned by the carrier or the owner-operator. However, a separate policy is needed when the trailer is not owned.

Look into a Miscellaneous Equipment coverage product that provides full comprehensive and collision coverage.

Flatbed and specialized equipment owner-operators have the greatest need for this coverage, although there may be other situations for which where this coverage is applicable, such as carriers using customers’ trailers.

Electronic Equipment Coverage
Your Physical Damage policy does not cover most electronic equipment unless it is installed by the factory at the time of assembly.

However, there is an endorsement that can be used when insureds want to extend an automobile’s Physical Damage coverage to include certain electronic equipment items not automatically covered in the policy.

Examples may include computer systems, electronic logging devices (ELDs), satellite communication or tracking systems, video camera monitoring systems, collision prevention systems, cell phones, two-way mobile radios, or scanning monitor receivers.

Towing Expense Coverage
With long miles, long hours, and a long list of regulations, trucking is a tough business. The last thing you need is a breakdown and a hefty towing bill.

Towing charges can run hundreds of dollars, and not all companies cover towing after a breakdown or accident.

There are coverage endorsements that can be bundled into one single, complete package.

An endorsement can include towing services, and much more:

• Rental reimbursement
• Emergency expenses
• Miscellaneous equipment coverage
• Electronic equipment coverage
• Diminishing deductible

Email us at transportation@palomarins.com for a review of your policy and to learn more about the gaps in your trucking insurance.

Note: These lists are not intended to be all-inclusive. This article was repurposed from content courtesy of Great West Casualty Company and is part of the Value-Driven® Company program. Value-Driven Company was created to help educate and inform insureds so they can make better decisions, build a culture that values safety, and manage risk more effectively.

To see what additional resources Palomar can provide for its insureds, please contact your agent, or click to find an agent.

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