Cargo
Cargo insurance provides coverage against physical damage or loss of goods during shipping, whether by land, sea or air. Because of the many dangers inherent in shipping, most individuals and businesses choose to insure their goods while they are in transit. However, many different types of cargo insurance are available and it is important that you work with an agent that knows exactly what you want before taking the insurance, or you may find yourself not covered for every eventuality.
Cargo Insurance or Motor Truck Cargo Insurance covers the freight hauled by the trucker. This type of insurance protects you in case the cargo is damaged during shipment because of fire, water, collision, etc. Companies that hire you will require that you have Cargo Insurance in place. Tow trucks hauling a car is another form of cargo. In this case, it would require you to add “on-hook coverage” to your Commercial Auto Policy. Whether you’re working on a for-hire or not-for-hire basis, it’s a good idea to safeguard yourself with Cargo Insurance.