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What type of coverage is motor truck cargo insurance?
Is cargo insurance a liability coverage or physical damage coverage? Commercial insurance has so many different types of coverage, it can be hard to keep them straight.
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Motor truck cargo insurance is a
liability insurance
policy covering the physical loss of goods or merchandise during hauling. It protects the trucker’s liability in the event the goods are stolen or damaged.Similar to
collision coverage
on a standard auto policy, this coverage also has a deductible. Most liability coverages do not. In this case, the coverage does not apply to the rig or trailer, but to the items in the trailer that are part of the shipping contract.The amount of cargo insurance needed depends on what is carried and how valuable it is. For example, produce contracts usually require a minimum of $100,000 worth of coverage, while hazardous material may require $2 million worth of coverage.
Happy trucking!”
View full answer
- Gregory R.
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