Commercial truck insurance can be a very convoluted subject. Many factors have to be taken into consideration when putting together truck insurance policiesboth for independent drivers and motor carriers alike.. You must know how much of what type of coverage best suits you or your companys needs.
Different situations call for different types of commercial truck insurance. For example, an independent owner/operator will require more specialized coverage than would someone fully employed by a freight company.
The following are some of the various policy options available.
Primary Liability
Primary liability is insurance that covers the cost of damages and injury due to a traffic accident. It is required by law that all commercial vehicle operators carry this type of coverage. It is often provided by companies to their employees and to the independent drivers they contract.
Physical Damage Coverage
This coverage is not required by law, but is essential for anyone looking to cover damage to his or her own property. Independent owner/operators would be very unwise not to insure their trucks against damage from accidents, theft, and fires. When coupled with primary liability, it provides comprehensive coverage.
Bobtail Insurance
This is a policy thats held by many independent owner/operators. They are normally covered by motor carriers when actively on the job. Once the job is done, they coverage is no longer valid. This type of policy provides coverage to drivers in those off duty times and also covers their assets.
Trailer Interchange Insurance
This type of commercial truck insurance covers trailers used in trailer interchange agreements between two different parties. These trailers are often swapped from driver to driver to complete hauls in a more cost effective manner. These trailers are not that drivers property and therefore not covered by their insurance, so specialized policies like this exist to protect them.
For more info, visit http://royaltytruckinsurance.com
Different situations call for different types of commercial truck insurance. For example, an independent owner/operator will require more specialized coverage than would someone fully employed by a freight company.
The following are some of the various policy options available.
Primary Liability
Primary liability is insurance that covers the cost of damages and injury due to a traffic accident. It is required by law that all commercial vehicle operators carry this type of coverage. It is often provided by companies to their employees and to the independent drivers they contract.
Physical Damage Coverage
This coverage is not required by law, but is essential for anyone looking to cover damage to his or her own property. Independent owner/operators would be very unwise not to insure their trucks against damage from accidents, theft, and fires. When coupled with primary liability, it provides comprehensive coverage.
Bobtail Insurance
This is a policy thats held by many independent owner/operators. They are normally covered by motor carriers when actively on the job. Once the job is done, they coverage is no longer valid. This type of policy provides coverage to drivers in those off duty times and also covers their assets.
Trailer Interchange Insurance
This type of commercial truck insurance covers trailers used in trailer interchange agreements between two different parties. These trailers are often swapped from driver to driver to complete hauls in a more cost effective manner. These trailers are not that drivers property and therefore not covered by their insurance, so specialized policies like this exist to protect them.
For more info, visit http://royaltytruckinsurance.com