Author: Yael Eyal-Levi
In seeking out the most desirable coverage for your insured, you must first understand the exposure of the risk they present. As we know, each insured is different and a slight misrepresentation in operations could result in incorrect coverage and an unhappy client. Therefore, it is crucial to be thorough in gathering information. The Commercial Trucking market has a variety of lines of business available which include but are not limited to General Liability, Auto Trucking Liability, Motor Truck Cargo (MTC), and Auto Physical Damage (APD).
Please refer to a brief description of each below for ease of reference.
Truckers General Liability: (Sometimes referred to as Motor Truck General Liability) This line of business provides financial protection if your insured (or anyone acting on their behalf) causes Bodily Injury or Property Damage while preforming jobs not directly correlated to operating their truck.*
Auto Trucking Liability: (Sometimes referred to as Long Haul Trucking Liability) This LOB provides financial protection if your insured (or anyone acting on their behalf) causes Bodily Injury or Property Damage directly caused by operating the truck.*
Motor Truck Cargo: This LOB provides financial protection in the event of a loss or damage to covered property either en route or while handling.*
Auto Physical Damage: This LOB provides financial protection in the event of loss or damage to an insured’s truck directly caused by a covered peril.*
If your insured’s operations are not primarily within the transportation industry but uses trucks/vans regularly for work, your insured may better benefit from a Commercial Auto Policy. A Commercial Trucking Risk, as with any risk, can be quite costly. Insurance is the one thing you must buy but never want to have to use, which only emphasizes the importance of ensuring coverage/coverages is/are a best fit your insured.
*Payout in the event of a loss is subject to the terms and conditions of the policy.