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An Introduction to Heavy Equipment Freight Insurance
According to the FMCSA, all licensed transporters are required to carry a specific amount of cargo insurance.
In many cases, having the minimum amount of required insurance is rarely enough to cover the actual value of your heavy equipment or machinery. It is in your best interest to have full coverage on the equipment especially while in the care of transporters.
It’s important that you ask the transport company how much protection is provided. For example, you may ask the following questions…
- What types of damages are covered?
- Are they any limitations with the insurance coverage provided?
- Do you offer further insurance protection I could add on?
If you already have an insurance policy of your own that covers the value of your equipment, you may want to contact your agent. Ask you insurance company if the equipment is still fully protected while it’s being transported by professionals. They’ll provide you with further details. It’s a good idea to contact your insurance company before purchasing further insurance coverage from the transporter. They may have a better solution.
In the Case of an Accident…
When you hire professional transporters with proven experience and a positive reputation, it is very unlikely you’ll have to worry about filing an insurance claim. With that being said, accidents can still happen even when all the right precautions are taken. If your heavy equipment was damaged in any way during its time with the transport company, file an insurance claim.
The insurance company will perform an inspection of the equipment to make sure it was at the fault of the transport company. They’ll then cover all costs as long as full coverage is provided. If you happen to face any problems while trying to file a claim, you can contact the Better Business Bureau to take further action. They’ll inform you of the next steps to take.