KEY INFORMATION TO KNOW ABOUT INSURANCE
The transportation industry is a billion dollar a year industry and touches every aspect of our economy. In an effort to clean up the industry the US government instituted MAPS21 that provides legislation to govern the industry. One requirement is for most transportation companies to have a General Liability Insurance Policy.
This coverage includes many options specific for your type of business (e.g. pollution; environmental; underground; professional).
For standard transportation business operations the basic policy is usually sufficient coverage. With a transportation industry that moves over 2 billion dollars a year taking a chance of being caught without Transportation insurance is not a position you want to be caught in.
CONTINGENT CARGO INSURANCE
Transport Financial Services also believes that Contingent Cargo Insurance is necessary for Freight Brokers. Shippers may hold freight brokers — who negotiate transportation contracts on behalf of shippers liable should cargo be lost or damaged in transit. To guard against this potential, freight brokers carry contingent cargo insurance to insure them against claims made by the shippers for damage to cargo. Contingent cargo insurance only comes into play when the carrier refuses to honor a claim.