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What Is Trailer Interchange Coverage

What Is Trailer Interchange Coverage

Trailer interchange insurance covers non-owned trailers leased under trailer interchange agreements between truckers and motor carriers. Additionally, it provides standard physical damage insurance. If your non-owned trailer sustains damage from theft, collisions, vandalism, explosions, or road accidents, you can file a claim.

What Does Trailer Interchange Insurance Cover

Although trailer interchange insurance is a relatively straightforward policy, it also has its guidelines. Insurers typically enforce the following restrictions:

  • The trucker must have an active liability insurance policy to qualify for trailer interchange insurance.
  • The trucker and motor carrier must have a formal written agreement explicitly stating the truck in question falls under the insured’s possessions.
  • Each pickup or tractor must have one corresponding owned or non-owned trailer.
  • Truckers can currently only insure pickups and tractors.

Trailer interchange insurance is a must before entering trailer interchange agreements. This policy protects all parties involved. In addition, sufficient insurance prevents truckers and motor carriers from paying out of pocket for damages, although the lessee typically takes care of repairs.

Consult your motor carrier before pushing through with the policy. Keep track of the cargo or general liability insurance policies they provide to avoid over-insuring your non-owned trailers. Remember that applying for more insurance than necessary only wastes money.

Can you afford marine cargo insurance on top of trailer interchange coverage? Let Assured Standard help with the computation! Check out our brief piece detailing the cost of marine cargo insurance.

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