Refrigerated Cargo Insurance: Types of Policies to Consider

Truck Insurance

Cargo insurance policies come in different types. These policies are vital for anyone owning commercial trucks like a refrigerated cargo vehicle that carry heavy loads on a daily basis. Dangers may arise while on a delivery journey such as damage due to improper packing, a wrong temperature setting or worse, a collision with another vehicle. When making a decision about the type policy to buy for your refrigerated cargo, these areas are usually considered:

  • Type of goods or items loaded

  • Amount of loads

  • Length of the transportation

If you are worried you might choose a policy that is a mismatch for your refrigerated cargo insurance, below are the common types of policies that you may come across:

  • All-risk policy

This type of refrigerated cargo insurance policy covers all kinds of risks that your commercial vehicle will face. You can be confident that while your goods are in transport any potential loss or damage due to the following incidents, can be covered:

  • Coverage for damages due to improper packing

  • Coverage in the event of failure to pay the accounts

  • Coverage due to losses arising after delays or loss while in transport

  • Coverage for barge shipment

  • Coverage for excess on your policy limitations

  • Free of Particular Average (FPA) Coverage Policy

This type of policy may offer protection both on partial and total losses due to:

  • Loss due to fire, collision or stranding

  • Loss after an explosion

  • Loss due to collision with any external object

  • Average coverage policy

This protection coverage is more focused on damages due to bad weather conditions, non-delivery and issues of theft. The other areas that may be covered under this type of policy are:

  • Damages

  • Burning

  • Explosion

  • Damages due to breakage

  • Theft of loads

  • Bad weather conditions

  • Stranding

What is the cost of a refrigerated cargo insurance policy?

The cost of refrigerated cargo insurance policies vary and are entirely dependent on the following:

  • Extent of protection coverage the policyholder chooses

  • Risks involved while operating the refrigerated cargo truck

  • Types of loads carried

  • Price of the refrigerated cargo when purchased

  • Size and model of the refrigerated cargo

  • Others (if you are also renting the cargo to independent traders)

How to get a reasonable refrigerated cargo insurance premium

If you want to make sure you get a reasonable refrigerated cargo insurance premium, try the following strategies:

  • Do a survey of insurance providers’ prices for a refrigerated cargo insurance policy

  • Check online insurer’s quotes for your refrigerated cargo insurance policy.

  • Read the latest news affecting pricing of insurance products with various companies

  • Contact a local insurer for a free quote

  • Apply safety and security measures to your refrigerated cargo to limit the risks

  • Seek the professional services of a licensed broker

While you are still in the process of making a final decision about what type of policy to buy, take time to know the prices offered in the marketplace, the level of protection you will receive and the background of the chosen insurer particularly regarding reports of processed claims.

For all your refrigerated cargo insurance needs why not consider What a broker from Truck Insurance HQ can do for you. Call our team today for quotes and any insurance needs you may have on 1300 815 344 or go online and request a quote.

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