Motor Truck Cargo
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Product Summary
Motor Truck Cargo coverage is a type of Inland Marine coverage. Inland Marine insurance is designed for specific classes of property of concentrated high value. The property is typically subject to risks associated with transportation and theft.
Carriers of cargo are legally liable for the property transported in their vehicles.
What's Covered?
Motor Truck Cargo insures against the risks of direct physical loss to covered property except as specifically excluded. Cargo insurance covers the property while in transit, loading or unloading.
A Cargo policy typically insures the property while at the cargo carrier's terminal building or dock. Coverage can be extended to pay for physical loss caused by spoilage or temperature change resulting from the accidental breakdown of refrigeration or heating units on the vehicle.
What Affects the Cost of the Policy?
The type of commodity being transported significantly affects the premium. High valued goods will carry a higher rate than low cost commodities. Geography can also impact the premium. If the goods are being transported to or through higher risk regions, such as major metropolitan areas, a surcharge is often applied to the rating structure. Selecting a larger deductible can lower the premium.