Cargo Insurance has many different meanings when it comes to insurance coverage. Unfortunately, most people get it confused with that of the homeowner’s . But in actuality, when it comes to trucks and their cargo insurance coverages. They vary. A lot.
Here are the three forms of coverage: Basic, Broad, and Special.
For the purposes of explanation, it’s not actually that often that one would use Basic, Broad and Special. But, depending on the policy, coverage protects your commercial vehicle from what’s otherwise commonly most well-known as the phrase perils.
Depending on the stance that the policy takes about perils, you’ll soon see whether or not the actual policy would provide needs for anything having to do with Basic, Broad or Special form coverage.
Such terminology of Basic, Broad and Special usually are most quite frequently usable between various insurance companies and agents. Just so it can all be more easy to talk about the policy coverages.
Because there can be are various levels of commercial vehicle cargo insurance, you may have to do research, based on where you’re working, what’s your trucking gig and the type of cargo you’re shipping to properly prove what level of basic broad and special cargo insurance you would need.
Consider the following as you research from similar sources on the subject:
- Generic – It’s the blanket coverage of truck insurance that you can use to your advantage if you really are worried about your commercial vehicle.
- Liability – When you’re in an accident, such a type of insurance will cover the cost of the damage caused to people and property.
- Physical – As your truck suffers from physical damage, this form of insurance will definitely keep you covered in costs that come from repairs.
- Cargo – Self-explanatory. You may even be able to receive compensation, depending on the assets damaged or totally lost in the incident.
- Uninsured insurance – “Break Glass In Emergency.” This, specifically having to do with your incident, when you have an uninsured motorist on your hands.
- Bobtail – With no trailer attached, this insurance will come in handy when it’s just you and your daycab versus the World.
Where to start with your insurance?
Once your business meets the legal requirements, you can add in to your primary liability insurance from the base and progress. Add more and more insurance, like physical damage and pretty soon, you can be covered in just about every arena.