There are two main reasons for this ongoing catastrophe:

• The rising tariffs imposed on goods imported from China, which impacted the ability to get goods at an affordable rate
• The soaring cost of insurance for trucking companies

The market for insurance for trucking companies has been a touchy subject for a while. Increased premiums coupled with more and more insurers unwilling to take on the risks that come with the trucking industry have left thousands of workers unable to afford insurance. Or they have been unable to find insurance. This is even more of a problem for trucking businesses that have a safety or accident/loss record that is less than exemplary; these are often outright refused by insurers.

Commercial Auto Liability

An important safeguard for your business, liability insurance protects you financially against lawsuits in which you, or your employee, is at fault for damage done to property or personal injury. These lawsuits usually develop as a result of auto accidents and can generate massive financial damage to your business. If your business lacks adequate liability insurance, it may not survive one of these lawsuits.

Coverage for Physical Damage to Your Auto

In case of an accident, or other unforeseen situations, this policy often provides three options for coverage: comprehensive, specified cause of loss, and collision. Comprehensive, is, as it sounds, comprehensive. It applies to damage caused by anything other than the vehicle’s collision with an object, such as fire, theft, or vandalism. Comprehensive coverage is designed to coexist with collision coverage, which protects your vehicle against direct collisions.

Coverage for Motor Truck Cargo

This covers you in cases where your cargo is lost or damaged. There are many exclusions to this policy, and you should check with us, at XINSURANCE to determine just how far the policy extends. Usually, policies enact limitations on certain commodities, such as tobacco, alcohol, and furs, because these are subject to special trade restrictions.

Hired Auto Policy

The hired auto policy provides liability coverage in the case of vehicles that you “hire” (i.e., lease or rent, but do not own). This policy operates as a supplement to your general liability. It covers bodily injury and property damage, but not collision damage. We also provide a non-hired auto policy, which applies to personal vehicles owned by employees, but not directly by the business. Just like hired auto, this policy operates as a supplement to a general liability policy.

Contingent Auto Liability Policy.

This policy is designed primarily for leasing companies that own the vehicles they lease to others. When such a company leases a vehicle, it remains the legal owner. This means that the company could be named in a lawsuit resulting from an accident involving one of its vehicles. Contingent auto liability protects the company in this instance. Others can also benefit from this protection. Trucking brokers often pair privately owned trucks with jobs. By doing so, they assume a certain amount of liability. In a lawsuit, the broker could face a similar case to the leasing company, in which case contingent auto liability would protect him.

Trailer Interchange Coverage.

It is common for truckers to use trailers belonging to others, and this policy provides coverage for physical damage incurred to a trailer while it is in the driver’s possession. It requires a “written trailer or equipment interchange agreement” to be in place for the insurance to operate upon the trailer.

Above are just a few of the policies included in our commercial truck insurance quote. We also provide other policies, as well as excess coverage.

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