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Cargo Insurance

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E7mack96

Expert Expediter
What amounts do you guys/gals carry. I am carrying 2 mil liability, and 10,000 cargo coverage. The 10k is not enough for this high dollar stuff I haul. Each load is valued at 250,000 dollars. Do you charge a value surcharge and get a 1 trip binder from your insurance carrier?

I just found out the hard way that this stuff was worth that much. Shipper never declared a value in 2 years of nearly everyday runs

Thanks in advance for replies
 
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teacel

Veteran Expediter
Charter Member
Sounds like you just got into this type of work (expediting). Most companies require that you carry 1mil - 200thou. Some will let you get away with 1mil - 100thou.

I'm kind of shocked that the company you are hauling for didn't notice this on the copy of your declaration, when you or your salesman signed the agreement.
 
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E7mack96

Expert Expediter
Been in it for several years now. My insurance carriers' agent said that 10,000 cargo was the norm. I have since asked about getting 100,000 or 250,000 and have not gotten a reply from them in 4 months on the price it would cost. I call them about once a month to check the status.

What does 100,000 or 200,000 cargo liability run on average ??
 
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E7mack96

Expert Expediter
is that blanket coverage or per vehicle? I already pay over 25,000 per year for the commercial liability, and physical damage on 7 units
 
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teacel

Veteran Expediter
Charter Member
No way Tony! that is just to cover 200thou cargo per unit. I'm sure if you shop around you will find someone that will carry a cheaper rate. I also know the more units on the policy the cheaper it will be.

I have been working with a broker, to form a small network, to allow myself and others that are in Business for themselves (totally self sufficient), to carry cargo insurance under one umbrella. This would allow all qualifying small businesses like ourselves to acquire cargo insurance at a much cheaper rate. We’ve been working on this since the beginning of the New Year. An attorney is in the process of constructing a motion to file. Once this procedure is accomplished, we move to the next rung of the ladder until the task is accomplished. I don’t have to tell you how fast insurance agents work, so I can’t tell you how long this will take.
 
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Weave

Veteran Expediter
Charter Member
I don't know if this will help, but will bring it up. Many insurance companies will let you purchase one time use basis additional insurance for expensive loads above your normal load liability insurance. Helps for big buck jobs like factory dies, equipment, military jobs or the such. So if all your loads aren't big price items, it helps out.
-Weave-
 
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E7mack96

Expert Expediter
Well, I am getting $100,000 cargo for $500.00 per year. It seems reasonable to me. Company is Acuity Insurance
 
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teacel

Veteran Expediter
Charter Member
Tony!

Is that just cargo? and is that per unit, or for all seven? That is a good deal, it isn't a blanket policy? right! Can you or would you fire me an email with a contact. I would like to talk to them, if you don't mind.
 
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helenth01

Seasoned Expediter
The people are loosing their moral while becoming modern. The society needs to be attentive that moral value. Well, it shocking and needed and immediate attention to short out at the earlier.
======================
E Van Insurance
 
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sherms80

Seasoned Expediter
First of all Hello to everyone I am the newbie!!!

I have 1mil in general liability for things like damaging a building or loading dock. 1mil in vehichle liability and 100,000 in cargo. This runs me $452 a month, but I do have 2 marks on my driving record which drives up the cost considerably.

Glad I found the forum good info so far and looking forward to learning some more from you guys!!!!!
 
kwexpress

kwexpress

Veteran Expediter
sherms80 said:
First of all Hello to everyone I am the newbie!!!

I have 1mil in general liability for things like damaging a building or loading dock. 1mil in vehichle liability and 100,000 in cargo. This runs me $452 a month, but I do have 2 marks on my driving record which drives up the cost considerably.

Glad I found the forum good info so far and looking forward to learning some more from you guys!!!!!
Click to expand...


What is your operating miles limited to
unlimited or 500 mile radius
 
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