Refrigerated Cargo Insurance: Types of Policies to Consider
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.