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.
Although trailer interchange insurance is a relatively straightforward policy, it also has its guidelines. Insurers typically enforce the following restrictions:
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.
Ora Price is a licensed insurance producer. Since she majored in Finance at the University of San Diego, she knows how to deal with both clients and insurance providers alike.