Coverage Forms

This insurance is required by federal regulations. Every carrier must carry liability insurance on every vehicle even on leased units. Liability insurance protects you when a third party is injured in an accident that your company is involved in. FMCSA requires $750,000 and most shippers and brokers require $1 million limits. 

This is very similar to an Auto Liability coverage. The biggest difference is how the account is billed instead of each unit being charged. You will be charged premiums rated on Miles, Units, and Revenue. These reports usually are used for companies that are 10 units or more. 

This Insurance protects your business for any property damage or bodily injury that would occur when your vehicle is not involved. Examples of this would include the slip and fall exposure at your business location, advertising related exposures, and/or contractual exposures you may be a part of.  Many Brokers will ask for this coverage on your certificate of insurance.

(PD) insurance that protects your personal tractor or trailer from accidents on the road—is required if you finance your truck. If you own your truck outright, it’s still a smart coverage to have because just one accident could become a financial disaster. It is important to insure your vehicle for the real value. Not over or under value the vehicle as the insurance company will only pay market value at the time of the loss.

Cargo insurance covers the goods hauled in your trailer. While it’s not required by the FMCSA to have this type of insurance, for-hire interstate owner operators need it anyway. Most shippers that you work with will refuse to do business with an O/O not carrying cargo insurance. The typical limit for cargo insurance is $100,000 but this amount can change with the type of cargo you haul.

Bobtail Insurance covers your semi truck for traveling between assignments from different carriers and also during personal usage like going to the grocery store on your way home. However there can be no trailer being hauled for coverage to be provided.