A broker im trying to haul for is required I add them as a loss payee. Its the only broker that has this as a requirement. Does anyone know what this means and if its a bad idea to do it?
Broker Requirement: LOSS PAYEE: On Motor Truck Cargo Insurance Policy
Discussion in 'Car Hauler and Auto Carrier Trucking Forum' started by Atlanticus trucking, Nov 16, 2019.
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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?
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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.
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Last edited: Nov 19, 2019
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