Tips For Finding Motor Carrier Liability Insurance

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The type of motor carrier liability insurance you purchase will depend on your needs. Some types are Non-trucking liability, Named perils policy, Owner's form, and All-risks policy. You can read more about each type in this article. Then, use the information in this article to choose the best policy for your business. Listed below are some important tips for finding a policy for your business. Read on to learn more.

• Non-trucking liability insurance

If you own a truck, you may want to consider purchasing Non-Trucking Liability Insurance (NTLI) for your motor carrier liability insurance. Non-trucking liability insurance is often mistaken for bobtail insurance. In fact, they are two very different policies. Non-trucking liability is a unique type of motor carrier insurance, designed to protect truckers in the event of an accident.

• Named perils policy

While an open perils policy covers everything, a named perils policy will cover only the specific events listed in the policy. An open perils policy will cover losses from any cause, but if you own a small business, you may only be covered for the events listed in the policy. A named perils policy is typically more expensive than an open perils policy, and you may not need it if you only have a few vehicles.
Owner's form
In order to avoid a disguised contest between the trucker and insurer, truckers must obtain motor carrier liability insurance. Insurers may extend a defense under a reservation of rights, but these are generally not covered by the policy. The insurance provider must also provide all costs of defense, and a covered carrier may not be able to recover these costs. The following are some examples of situations where the trucker may need to seek additional defense from the insurer.

• All-risks policy

All-risks motor carrier liability insurance is the most common policy type. It covers the costs of accidents that occur during the course of transporting cargo. The policy includes several types of coverage, including collision, theft, and cargo liability. Most policies also include Errors & Omissions Insurance (E&O).

• Coinsurance required

There has been a lot of debate about whether or not motor carrier liability insurance requires cargo insurance. In a recent proposed rule, the FMCSA said that the proposed rule should not require cargo insurance. This is contrary to its own statement that all motor carriers must carry at least the required amount of insurance. While many shippers disagree with the FMCSA's statement, others, such as Wal-Mart, Sysco, and others, state that they do.

• Symbols

Motor carrier liability insurance covers the autos a commercial vehicle uses to deliver goods and services to customers. Non-owned autos used for business are not covered under this insurance. This type of coverage only extends to the autos an insured uses as a business vehicle, including leased or rented cars and trailers. However, it does cover autos used in a private passenger capacity. Here are some common examples of autos covered under this policy.