Trucking Insurance Information
Agent Chris Campbell is the Trucking insurance specialist at C. T. Lowndes & Company. Chris has attained the Transportation Risk Specialist (TRS) designation sponsored by the Motor Carrier Insurance Education Foundation (www.transportationriskspecialist.com). This organization is solely dedicated to providing education and assistance to insurance professionals like Chris who specialize in trucking insurance.
To attain the designation, Chris traveled to Orlando where he completed a rigorous specialized study that required taking three courses – Motor Carrier I, Motor Carrier II, and Advanced Underwriting – and passing an exam for each course. Chris is also required to complete regular continuing education.
Holly Sergent, the agency’s Trucker Insurance Account Manager, has also completed all of the courses required to earn the Transportation Risk Specialist designation.
The distinguished Transportation Risk Specialist stands out as the sole mark of professionals who have chosen to fully immerse themselves in a career of providing outstanding service to the transportation and trucking sector.
Chris can be reached at 843-719-1221 (firstname.lastname@example.org) and Holly can be reached at 843-513-1725 (email@example.com).
Proper and adequate insurance for a commercial truck is very important. Here is some information that will help you protect yourself, your business, and your family, and help you understand insurance terminology.
PRIMARY TRUCKERS LIABILITY INSURANCE covers damages to the property of someone else or an injury to someone else during an accident in which you are at fault while driving your truck. It does not cover injuries to you or damages to your truck.
Liability insurance is a mandatory for all commercial trucks and the minimum required limit is set by the Federal Motor Carrier Safety Administration (FMCSA). For trucks over 10,000 pounds GVWR, the minimum limits you must have are
· $750,000 for trucks hauling most commodities.
· $1,000,000 for Auto haulers.
· $5,000,000 for Haulers of certain hazardous materials
PHYSICAL DAMAGE COVERAGE has two parts:
· Collision Coverage fixes the damage to your truck if you are involved in an at-fault accident.
· Comprehensive Coverage pays for almost anything else that can happen to you truck such as a fire, theft, vandalism, broken windshield, hitting an animal, etc.
Claims under both collision and comprehensive coverages are paid based on the actual cash value of the truck at the time of the loss. Some companies offer stated amount coverage in which you select a limit of insurance. It is important to note, however, that payment of a claim will not exceed the actual cash value even if the stated amount limit is higher.
Both coverages come with a deductible. The higher the deductible you chose, the lower the premium.
MOTOR TRUCK CARGO INSURANCE protects the load you are carrying if it is damaged or stolen during transit. Cargo insurance forms vary so be sure you know what your policy covers. Refrigerated cargo needs special coverage. You may need debris removal coverage if your load is strewn down the highway. You select the limit of coverage needed.
BOBTAIL INSURANCE provides coverage for damages or injuries you cause to others while the trailer is detached from your truck whether you are on a job or not
NON-TRUCKING LIABILITY INSURANCE provides coverage for damages or injuries you cause to others while the truck is not being used for business purposes. You need this coverage if the truck is used for personal reasons like taking the truck home, to a car wash, to a grocery store, etc.
TRAILER INTERCHARGE INSURANCE covers a non-owned trailer under your care while being used under a formal trailer interchange agreement. The limit of insurance is based on the actual cash value of the trailer.
NON-OWNED TRAILER INSURANCE covers a non-owned trailer under your care while being used without a formal trailer interchange agreement. The limit of insurance is based on the actual cash value of the trailer.
UNINSURED MOTORIST INSURANCE provides protection if you are in an accident with someone who does not have any insurance. Although South Carolina requires all vehicles to be insured, many are not. This is a mandatory coverage in South Carolina.
UNDERINSURED MOTORIST INSURANCE provides protection if you are in an accident with someone who does not have enough insurance. South Carolina requires every vehicle carry bodily injury limits of $25,000 per person/$50,000 per accident and property damage limits of $25,000. In a serious accident, these limits may be insufficient. This coverage is optional in South Carolina.
MEDICAL PAYMENTS INSURANCE covers you or a passenger if injured while driving or riding in the truck.
GENERAL LIABILITY INSURANCE is a separate policy and covers accidents and incidents that happen off the road, such as a slip and fall in your office, an altercation at a truck stop, or a verbal slander. Our agency recommends a general liability policy with at least a $1,000,000 limit.
WORKERS COMPENSATION INSURANCE takes care of medical bills for your employees plus loss wages if the employee is injured while on the job.
TRUCKING UMBRELLA INSURANCE provides liability limits above those offered under the trucking policy and/or the general liability policy.