Once you have your liability coverage squared away, it is time to start thinking about cargo coverage. What are cargo insurance programs going to be right for you? Most likely the one that covers your unique risk exposures. Here are three of the most common coverages you may not be thinking about.
1. Pollution Liability
No one wants to think about spilling cargo, but it does happen from time to time. If you are transporting goods like gasoline or other hazardous material, you may want to consider pollution liability coverage.
2. Theft Coverage
As you may know, the phrase “something that fell off the back of a truck” does not refer to something that actually fell off the back of a truck. It refers to theft of goods. If there’s a chance the material you’re carrying will attract the wrong crowd, include theft coverage in your fleet’s cargo insurance programs.
3. Refrigeration Breakdown
Sometimes referred to as “reefer breakdown,” this coverage protects you if you are carrying goods that must remain refrigerated and the system breaks down. No one wants to accept a delivery of spoiled milk or moldy lunch meat.
This list represents only three of several specialized cargo insurance programs. Consider your individual situation and select the policy that’s right for you.