Providing insurance services to Greenwood, Indianapolis, Franklin, Whiteland, Columbus, Merrillville, Highland, Crown Point, Elkhart, South Bend & all of Indiana.
The experienced insurance agents at Mayflower Insurance can help you make your Cargo Insurance work for you instead of working for your Cargo Insurance!
Cargo Insurance is one of the most important insurance coverages for any company involved in the transportation industry. Many companies cannot make money because the policies they purchase have too many restrictions that do not understand the unique needs of people in the transportation community. Even some of the best cargo insurance policies have details that most transportation industries are unaware of.
Coverage Territory: Is there a radius on your cargo policy? Are you allowed to go to Canada? It is important that your agent be able to help you no matter what your needs are. Mayflower Insurance can help you obtain worldwide cargo coverage that most agents cannot help you with. We can insure the cargo for the ship that crossed the ocean, the port that processed it, the train that moved it, the truck that it was driven to, and all the people in between that arranged everything. Worldwide cargo insurance can help when rates are low on your regular lanes, and YOU, the customer, need to have CONTROL of how you make money. Sometimes that could mean crossing a border to take advantage of great opportunities when they come up.
Exclusions: Are you tired of missing out on those loads that pay double or more per mile compared to everything else available? Few agents talk to their customers about what they are allowed to haul or not. Even fewer customers have ever read their cargo insurance policies and are not aware of things such as:
Coverage only for ferrous metals: This means that only metal that contains iron are allowed. The following metals are some examples of what would is NOT ALLOWED: aluminum, copper, brass, lead, zinc, stainless steel, electrical cable, etc.
Garments exclusion: Anything a person wears, such as socks or shirts, will not be covered. Stolen shirts and socks are straightforward to sell, so they are high theft. Many insurance companies stay aware of high theft items like this.
Electronics exclusion: Look for “Policy excludes electronics including, but not limited to cell phones, laptops, computers, etc.” This is very common and means that almost anything plugs into the wall or uses batteries is NOT COVERED. There are very few companies that will cover electronics, and many transportation agents do not take the time to educate their clients about one of the most common cargo insurance exclusions.
Theft by the driver or employee exclusion: Many people do not know that almost all cargo policies offer no coverage if an employee or dispatcher steals or helps to steal cargo. A few companies will cover theft from everyone except the owners, officers, and higher-level people at the company.
No coverage when trailer disconnected: If you disconnect your trailer from your truck, there is no coverage, and many insurance companies will not cover it. It is not common for this to be a problem, but in some cases, there is no choice but to disconnect the trailer if a truck breaks down or cargo needs to be moved to another camper.
Unattended vehicle theft exclusion: Did you know that many insurance companies will not cover your cargo if stolen because the driver stopped at a gas station to use the bathroom? Sometimes the insurance company will limit the exclusion to within 50 miles of certain big cities. It is awkward when a driver has to tell a dispatcher they need to use the bathroom. It becomes an even bigger problem if the dispatcher tells the driver to wait until they have delivered the load or are 50 miles away from a city! What if the driver gets into an accident or has a medical condition? A trucking company now has to choose between risking the cargo being stolen without insurance or a driver suing the company for many different things if they are harmed or put in danger because they could not answer nature’s call.
Scheduled vehicle policy: If the vehicle pulling the load is not covered, there is no cargo coverage. What if the car breaks down? What if you have to rent a vehicle to keep your customer happy? Your insurance agent must have the ability to get you a reporting form or nonreporting form policy to help you make more money.
Cargo Insurance has the power to make you money or cost you money. Saving $1,000 per truck on cargo insurance could lose you money in the long run because the restrictions on the policy will not allow you to take those high-paying loads. It is essential to have an insurance agent who understands your needs and contracts with only cargo insurance companies to get cargo insurance that pays for itself.
Call 877-400-0500 and talk to one of our experienced cargo insurance agents.