Broker Requirement: LOSS PAYEE: On Motor Truck Cargo Insurance Policy

Bad idea dont do it. If something happens the loss payee gets paid not you. (Kinda like a lien holder)
Someone will be along to explain better than I can. But in the mean time Google "loss payee"

 

Let me guess... is it Supreme Auto Transport?

 

One of our broker's requirement was also asking to be listed as a loss payee for cargo insurance policy. Our insurance agent said that "they can't and will not add a broker as a loss payee since the broker has no interest in the cargo". Submitted the insurance papers to the broker without adding them everything was fine.

 

Thats pretty common for large broker/carrier sub hauls. I probably have 6 or 8 and i think we pay like $50 ea. annually for them to send them a document with them listed. If the broker is the contract hauler they are responsible for the cargo, if you total a GM car your insurance deals with the contract carrier not GM Directly