FreightGuard Specializes in Freight Insurance
International and domestic freight insurance can vary among insurance carriers. It is important to work with a professional insurance agent for your cargo insurance needs. FreightGuard has relationships with some of the leading freight insurance carriers. We shop for the right coverage to fit your shipping insurance needs.
FreightGuard works with individuals, small businesses, and freight brokers. We work with our carriers to insure general merchandise, household goods movements, and hard to place risks like artwork, automobiles, and electronics. We shop quotes with all of our freight insurance companies to ensure you are getting the best coverage for your price range.
Freight Insurance Requirements
Legally, the Federal Motor Carrier Safety Administration (FMCSA) requires all motor carriers to maintain liability insurance of $750,000 minimum, but this coverage is limited to bodily injury and property damage caused by the tractor or trailer insured.
Your freight is covered under a Motor Truck Cargo Liability policy. Although Motor Truck Cargo insurance is intended to protect your freight, it is still very limited in the perils insured against – fire, collision, striking. Furthermore, most motor carriers only purchase $100,000 in Motor Truck Cargo insurance. In the event of a total loss of all goods loaded on the truck, $100,000 does not go very far. Purchasing third party freight insurance through FreightGuard can be your solution!
How Much Does Freight Insurance Cost?
Shipping insurance premiums can vary based on several factors. These include:
- Type of commodity being shipped
- Value of the freight (Valuation is typically based on Cost + Insurance + Freight +10% markup.)
- Mode of transit (truck/air/ocean)
- Packaging type (professionally packed or non-professionally packed)
Most freight shipments can be insured for premiums under $200. Most importantly, there are often rate discounts for high volume shippers. FreightGuard offers a 10% discount on every third cargo coverage purchase.
Types of Freight Insurance Coverage
Freight shipping insurance provides protection for goods in transit by a third party ocean, air, truck, or rail carrier. There a few different types of protection that you can purchase for your cargo shipment. These include:
All Risk – The term “all risk” in insurance means that all risks of physical loss or damage are included other than those perils that are specifically excluded. This is the broadest form of freight insurance available. With the exception of very few commodities – like used clothing, waste products, and scrap – FreightGuard offers all risk coverage.
Named Perils – In contrast to all risk coverage, named perils insurance excludes protection against all perils except for those that are specifically named. These perils typically include overturn of vehicle, collision, fire, lightning damage, etc. With FreightGuard, Named Perils coverage would apply to certain commodities like used clothing, waste products, and scrap.
Free From Particular Average – Free From Particular Average coverage, sometimes referred to as FPA or total loss insurance, applies to maritime freight shipments. FPA insurance excludes coverage for partial losses except for those losses that result from stranding, sinking, burning, or collision. Total loss coverage will sometimes apply to shipments of non-professionally packed household goods or used vehicles in excess of 12 years in age.
Why Choose FreightGuard for Your Freight Insurance Needs
Through relationships with some of the world’s largest freight insurance companies, FreightGuard has been providing insurance for your cargo shipments since 2007. FreightGuard’s licensed insurance professionals can help you find the best freight insurance for your needs at the right price. Whether it be one single shipment or a large project, Freightguard is here to help!
Contact one of our licensed insurance agents today for a free no obligation freight insurance quote at (804) 739-9121 or purchase your freight insurance certificate online at www.FreightGuardNow.com!