Question about Cargo insurance and who shoul pay for it..

Discussion in 'Ask An Owner Operator' started by shoand03cobra, Feb 5, 2012.

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  1. Feb 5, 2012 #1
    shoand03cobra

    shoand03cobra Bobtail Member

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    Nov 20, 2011
    Bowling Green, KY
    0
    Hi Guys.........

    I have a question believe it or not hehehee

    AND I AM READY TO GET BURNED ON HERE...


    I dont want to quit my current job yet...

    I have opened my own trucking company, bought a truck and hired
    a truck driver.

    My company and its driver are LEASED and run under my friends
    authority for now.
    Once i get a second driver and a truck i will
    hire my own dispatch and run under my own authority...

    Now my question is which one of us provides cargo insurance?

    I have my own NON Trucking Auto CSL and physical damage Comp/coll insurance,except cargo.
    My friend provides cargo insurance and i pay him flat rate of 600 a month.

    My question is can i get my own cargo insurance or do i HAVE to go through my friends cargo insurance since i run under his authority?


    Thanks guys...
     
    Last edited: Feb 6, 2012
    shoand03cobra, Feb 5, 2012
    shoand03cobra, Feb 5, 2012
    #1
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  3. Feb 5, 2012 #2
    AM77

    AM77 Light Load Member

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    Sep 17, 2011
    Chicago, IL
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    your "friend" is making money off of you :yes2557:
     
    AM77, Feb 5, 2012
    AM77, Feb 5, 2012
    #2
  4. Feb 5, 2012 #3
    mgfg

    mgfg Road Train Member

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    $600 a month for cargo insurance>are you hauling high value pharmaceuticals 'cause you're paying WAY too much!
     
    mgfg, Feb 5, 2012
    mgfg, Feb 5, 2012
    #3
  5. Feb 5, 2012 #4
    shoand03cobra

    shoand03cobra Bobtail Member

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    Nov 20, 2011
    Bowling Green, KY
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    Nope, just general dry van goods. It suppose to be 1000000$ cargo insurance.
    I am also wondering if i am getting raped here by a friend.

    Can i get my own cargo insurance since i run under his authority?
     
    shoand03cobra, Feb 5, 2012
    shoand03cobra, Feb 5, 2012
    #4
  7. Feb 5, 2012 #5
    fortycalglock

    fortycalglock Road Train Member

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    I think you are confused. Your friend with the authority is paying for Liability and cargo. You may have a General Liability policy, but your friend must have the Trucking liability policy in the name of the authority owner. The limits are usually 1 million liability/100,000 cargo. This will be the same policy you will need when you get your authority and $600 is a decent rate.
     
    fortycalglock, Feb 5, 2012
    fortycalglock, Feb 5, 2012
    #5
  8. Feb 5, 2012 #6
    shoand03cobra

    shoand03cobra Bobtail Member

    41
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    Nov 20, 2011
    Bowling Green, KY
    0

    That sounds right....
    I hate it that i know so little about this business. For now....
     
    shoand03cobra, Feb 5, 2012
    shoand03cobra, Feb 5, 2012
    #6
  9. Feb 5, 2012 #7
    Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

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    That's why many DON'T succeed in this business. They DON'T have a clue like yourself. They get rip off right under them and don't even know.
     
    Diesel Dave, Feb 5, 2012
    Diesel Dave, Feb 5, 2012
    #7
  10. Feb 5, 2012 #8
    Diesel Dave

    Diesel Dave Last Few of the OUTLAWS

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    You MUST have a COST factor, do you know what that is ?
     
    Diesel Dave, Feb 5, 2012
    Diesel Dave, Feb 5, 2012
    #8
  11. Feb 5, 2012 #9
    skateboardman

    skateboardman Road Train Member

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    someone that would allow someone to run under his authority and not make any money off of it would be a fool, if you screw up guess who gets sued????
     
    skateboardman, Feb 5, 2012
    skateboardman, Feb 5, 2012
    #9
  12. Feb 5, 2012 #10
    shoand03cobra

    shoand03cobra Bobtail Member

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    Nov 20, 2011
    Bowling Green, KY
    0

    That is why i am doing lot of research to learn all the tricks of the trade.
     
    shoand03cobra, Feb 5, 2012
    shoand03cobra, Feb 5, 2012
    #10
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