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Truck Liability Insurance Coverage Defined in Easy Terms

This insurance is the most expensive part of a truck company’s coverage. It is intended to protect your against damages or injuries that are caused to others from a truck accident. It is a mandatory insurance coverage and a trucking company is required to provide a proof to the State and Federal agencies.

The truckers insurance is largely rated and is supplied to your company based on a scheduled vehicle perspective and the drivers driving records and nature of haul. During those times when a vehicle is not on the schedule, there is no coverage given and therefore if you have few vehicles, this coverage is not a problem. However, when you have a large fleet of trucks and also there are many changes of the trucks, it may turn to be costly.

Some of the insurance coverage policies are written on gross returns or mileage premium methods and therefore it is imperative that you choose the best method that best suits your insurance needs. You need to know the implications of each method and discuss any underlying issues with your broker.

Your insurance broker should also be able to explain to you in depth, what each policy method implies. This can help you reduce the overall cost of truck liability insurance coverage. An increase in your shipment prices increases the insurance premiums although the mileage may not change. Therefore, you need to ascertain, which method can give your low premiums while enhancing your transportation operations and revenues. There are also various endorsements, which are provided as alternative insurance coverage to the auto liability. Another liability policy which should be considered is the pollution liability.

The Interstate truckers require the MCS90 and BMC91x and also the proper State form endorsements that extend the insurance coverage to the regulatory bodies and agencies. You can find more information and discussions on State and Federal law requirements elsewhere in this page on the LICENSING section.

Last but not least, the policy limit for operations with trucks totaling to over 10,000 in gross vehicle weight is placed at a minimum limit of $750,000 in auto liability coverage. This limit figure is set by the FHWA on interstate travel and then it is matched by the various States to suit their insurance policy frameworks.




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