Is it possible to have multiple insurance policies? For example a separate policy for cargo and seperate policy for general liability and a separate policy for physical damage All of these policies from a different insurance carrier each. Is this possible?
Some loads are so high valued that the normal run of the mill insurance won’t cover. So the load will have special insurance for the high value. I don’t think I have a copy of mine…perhaps @kylefitzy does to show you what it looks like.
I rarely get that paperwork. Most of our customers carry their own insurance for what our 5 million(I think) in cargo Insurance doesn’t cover.
The cargo insurance was through one brand, like American General or something like that. The high dollar stuff, I’d get a paper stating that particular load was insured by Lloyd’s. Once, I saw a guy throw chains over the top of a $20mil RollsRoyce engine. Bet the adjuster cried.
I’ve had several policies written in the past, Northland finally came around and is basically my 1 stop insurance carrier that covers it all.
A good insurance broker will shop every policy so it is common to have multiple insurance carriers listed on your Certificate of insurance for your financial benefit. Hazardous materials and anyone wishing to carry coverage above the FCMSA requirements will often have more than one carrier just for the general liability with the first carrier being primary for $0.00 to 750K or a Million with another [secondary] carrier covering the losses over that primary carrier's coverage. Most claims will only involve the primary insurance so the secondary cost is a lot less per the value covered as it isn't often used. Of course the different policies all have different expiration dates so the broker's office will be issuing new certificates multiple times per year.
