Articles & Moving Advice

Proper Coverage Of Transit Risks

Proper Coverage Of Transit Risks

It is very important for those who hire a truck to move his goods to check the coverage provided in the vehicle. A truck can have different types of insurance cover for different purposes. They include Towing Insurance, Cargo insurance, Limited Damage Waiver, Supplementary Liability Insurance, PAI and Liability Coverage etc. Out of all these the Cargo Insurance cover the items that are loaded in the truck during the time of the accident or disaster. This is the coverage for the items that are transported in the truck until they are unloaded.

Each coverage has its specific value. Most of the standard transport companies have a standard format for insuring the vehicles. However, in the absence of Cargo Insurance those who hire the truck will be the losers if the goods are damaged because of an accident during the transit. Moving truck rental and business truck rental have different circumstances. Depending on the need of the person who hires the truck specific insurance coverage is required.
Coverage for moving
Basic facts about coverage
When a person hires a truck the insurance coverage is not included in the cost of transportation. The cost of insurance is worked out based on the amount of insurance. The insurance coverage can be in two types –either “total loss” or “all risk.” In case the goods in transit are not insured damages cannot be claimed if there is any accident or calamity that caused damage of the goods. The insurance will be based on insuring the entire shipment. The person who hires the truck should make a list of things that are in transit along with the cost of each item. The cost of the cargo can be more than the cost of shipping. Hence it is all the more important for the person who hire the truck to pay for the coverage of the goods. The cost of the insurance can be considered as part of their shipment cost and charged accordingly so that at the instance of an accident or calamity the person who hired the truck can claim the insurance with no hassles.

Marine Insurance Policy
Normally there are two types of policies under Marine Insurance – Total Loss Insurance and All Risk Insurance. The goods that are packed and forwarded by the owner are covered by the Total Loss policy. Under All Risk policies, one can make a claim even if a single item in the cargo is damaged. The claim must be made within a given period of time after delivery of the goods. Irrespective of the number of pieces that are damaged only a single claim is allowed. In case any item is underinsured, the Insurance company will pay only according to the declared value.

While selecting a moving company one should check with them about the insurance policies they have for their vehicle. The person who hires the truck must inquire whether the goods inside the truck are insured during the move. Even if the mover is insured that cannot cover the items that are in transit. Hence it is all the more important to have a proper transit cover while hiring the truck.
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