Freight brokerages are one of the most commonly under-insured facets of the transportation industry. Many questions can arise for a broker, and we have the coverage lines that provide answers.
Contingent Auto Liability
Your business operations depend on the validity of a truck driver’s Certificate of Insurance. So what happens when a Certificate you believed to be valid actually turns out to be bogus?
Contingent Auto Liability coverage responds with first dollar defense costs, plus any judgment brought against your brokerage when named in a lawsuit resulting from a bodily injury or property damage claim in which the motor carrier was under a contractual load from your brokerage. Contingent Auto Liability covers up to $1,000,000 per occurrence when the broker is found legally liable.
While the asset-based carrier directly issues a bill of lading, it is not uncommon for the carrier’s motor truck cargo policy to fail to pay a claim, if cargo is lost or damaged.
When this happens, the cargo owner will oftentimes file against the broker in an effort to collect on their claim. Contingent Cargo Liability defense costs are covered on a first dollar basis for attorney fees, along with settlement up to policy limits.
Errors and Omissions (Professional Liability)
If you were supposed to broker a load to Mississippi, but it ended up in Minnesota, would you be covered?
Errors and Omissions coverage responds to the legal liability of financial loss due to your brokerage’s negligence, error or omission in the normal course of business. First dollar defense is provided with this coverage as well.
If a driver were to sue you for tripping over a sprinkler head on your brokerage’s property, would you be able to afford the lawsuit?
General Liability coverage will respond when a claim arises from a third party bodily injury on your premise(s).
For more information or details about other coverage lines, please contact an agent at Truck Writers today. It is important to ensure you are protecting the assets you have worked so hard to build.