Excess Cargo Insurance
Excess cargo insurance from Arroyo Insurance Services – South Bay provides an additional layer of coverage that protects against potential losses exceeding the initial policy’s limits. This specialized insurance extends your financial protection beyond typical policy maximums, safeguarding your business against significant losses that can occur from accidents, theft, or damage to high-value goods in transit.
We offer you both Excess Auto Liability & Motor Truck Cargo Specialty Programs with Rated A XV by an A.M. Best Carrier.
What is Cargo Insurance?
Cargo insurance is a kind of insurance that protects the goods during transportation, covering potential losses or damages due to risks like theft, accidents, fire, or other natural disasters. Cargo insurance provides financial protection to the cargo owner or shipper, reimbursing them for the value of the goods if a covered event occurs during the transit. It pays for the amount of goods you have insured for, for certain incidents.
What is Excess Cargo Insurance?
Excess Cargo insurance is a such a kind of insurance that provides an extra layer of protection beyond the standard cargo insurance limits. Excess cargo insurance comes into play in situations where the value of a goods or a shipment exceeds the standard cargo coverage provided by the carrier’s policy. This insurance basically acts as a bridge between the carrier’s insurance limits and the full value of the cargo.
How does Excess Cargo Insurance work?
Most cargo companies have a standard cargo insurance by default in their systems that provide coverage for damage or loss of goods. But these standard cargo insurance have limits to their coverage amount. When the goods are valued before sending out, the value sometimes may exceed the limits of the standard coverage. In such a situation, excess cargo insurance is purchased to fill this gap between the standard coverage limit and the value of the goods.
It is key to understand that excess cargo insurance covers for the difference between the declared value of the goods and the carrier’s standard liability limit. The declared value can play a major factor to understand the need of excess cargo insurance. Declared value can be the market value or retail price of the goods.
Everything you need to know
About Excess Cargo Insurance
Details
- Additional $1M+ limits of Cargo & Auto Liability Coverage per load
- Coast to coast coverage available for all cargo and freight types
- If your Primary Insurer offers coverage for the load, we will insure the excess liability required to pick it up
Benefits
- Buy and secure higher insurance limits only on the loads where it is required
- Share your certificate with your broker or shipper instantly.
Secure higher-pay freight
- Enjoy less competition in the market
Excess Auto Liability Insurance
Excess Auto Liability Insurance provides an additional layer of financial protection beyond the limits of a primary commercial auto liability policy. If a claim stemming from a vehicle accident exceeds the maximum payout of the underlying auto insurance, the excess policy kicks in to cover the remaining costs up to its own specified limit.
Motor Truck Cargo Insurance
Motor Truck Cargo Insurance is a specific type of inland marine insurance that protects a trucking company (the motor carrier) against financial loss resulting from damage to or loss of the cargo it is transporting for others. This coverage typically applies to commodities while they are being loaded, unloaded, in transit, or awaiting transit at a terminal.
Features of Excess Cargo Insurance
What you get with Excess Cargo Insurance
- Quick & Easy Quote Process
- Rated A XV by A.M. Best
- Additional $1M limits of Cargo & Auto Liability Coverage per load
- Coast to coast coverage available for all cargo and freight types
- If your Primary Insurer offers coverage for the load, we will insure the excess liability required to pick it up
- Buy and secure higher insurance limits only on the loads where it is required
- Share your certificate with your broker or shipper instantly.
- Enjoy less competition for higher paying freight
Questions You Might be having
FAQs
Is Excess Cargo Insurance different from a basic Cargo Insurance?
Yes. Motor carriers by default have standard cargo insurance that covers loss and damage to goods. If the value of goods exceed the limit of the standard cargo insurance, excess cargo insurance comes in to provide adidtional coverage.
How costly is Excess Cargo Insurance?
Since excess cargo insurance is an additional coverage on another cargo insurance, the cost depends on various factors like type of goods on the cargo, the destination, the remaining value of the goods, etc. The cost generally ranges from $20 to $150 per month for one-off coverage. For annual plan, the cost ranges from $400 to $2000.
Excess Auto Liability & Motor Truck Cargo Insurance Expert
William G. Dessert, TRIP, AFIS
William Dessert of Arroyo Insurance Services is the Transportation Practice Leader. His experience as a freight broker in truckload, intermodal and last mile delivery earned the opportunity to become an exclusive broker for excess auto liability, cargo and truckers workers compensation.
Client Services
Customized Insurance for Every Need
From business and personal insurance to employee benefits and private client services, Arroyo South Bay provides precision solutions to protect what matters most.
