Awasome Contingent Cargo Insurance Progressive 2022. Additional insured status is important for gl in other industries, but there are very few gl claims in transportation and getting named on all carriers’ policies will be a huge challenge. Insurance for freight brokers that covers a complex claim between shipper and carrier.
Cargo insurance protects you from financial loss due to damaged or lost cargo. They keep track of my carrier's primary insurance which helps me feel protected. Contingent cargo is secondary insurance that covers some or all of the cost of handling, storing, (28).
As It Is A 'Contingent' Policy, Claims Must Be Presented To The Motor Carrier's Primary Insurance Provider.
So what triggers contingent cargo? Judgments have been as high as 24 million against a freight. Shipping companies who end up losing money due to cargo that is either lost or broken during transit will want to hold a freight broker liable for the losses.
Truck Insurance From Progressive Will Not Only Protect Your Business And Provide The Coverage You Need, It Offers You Some Of The Best Rates In The Industry, 24/7 Policy Assistance, And Expert Claims Service, Too.
Our coverages extend to almost all types of cargo trailers, plus your valuable personal property inside. It pays you the amount you’re insured for, if a covered event happens to your freight. There can be great variation between the cost of cargo policies from one company to another.
Designed To Protect Truck Brokers In The Event One Of Their Contracted Truckers Has A Coverage Issue.
Brokers in the trucking industry looking to secure their assets would probably need contingent cargo insurance. This insurance is designed to cover on legal fees and/or judgments against a freight forwarder. Like the name suggests, it’s contingent upon the carrier’s insurance being in place.
I Just Got A $100,000 Coverage From Them For Just $1,025 Annual With The Tracking And Insurance Service Absolutely Free.
For smaller brokerages, this can cost between $1,500 to $2,000 per year. One of the biggest benefits of contingent cargo insurance is the due diligence brokers perform before issuing coverage. We deliver strategic solutions specifically tailored to optimize and protect your business logistics so that you can feel confident throughout the entire process.
Unfortunately, Frequently Contingent Cargo Insurance Is Not Enough.
Contingent cargo insurance protects the broker from a shipper’s claims of lost or damaged cargo when the carrier’s motor truck cargo policy won’t honor the (29). Designed to protect truck brokers in the event one of their contracted truckers has a coverage issue. Cargo insurance protects you from financial loss due to damaged or lost cargo.