Trucking Insurance for Gas Transports
One of the most hazardous materials transported by truckers is gasoline or a similar petroleum or fuel product. These are expensive and dangerous materials, and by transporting them, a trucking company will face multiple hazards and liabilities that could easily lead to disasters if a problem occurs during shipment. Fuel and petroleum transporters, therefore, need to take thoughtful steps to ensure that they have appropriate trucking insurance benefits.
Understanding Fuel Transport Liabilities
Transporting any type of fuel is very high-risk. Most truckers that do so, in fact, have to pass special training courses and obtain specialized operating licenses. After all, hauling fuel is a lot riskier than transporting food, clothing or various sundry goods.
Consider just a few of the liabilities associated with transporting fuel:
Theft or loss of the shipment could cause a financial loss to both the shipper and recipient.
A delay in deliveries could lead to supply chain interruptions.
Having a wreck while hauling a flammable, hazardous material could lead to spills or fuel leaks that could pose fire, explosion and environmental pollution risks.
Clearly, any problem in transport could cause a massive financial loss, not to mention a huge safety hazard, not only to the trucker but also to all of those on the road around them.
Proper Insurance For Fuel Transports
Due to the sensitivity associated with transporting fuel, your trucking insurance needs are often much more specific than those of other truckers. At minimum, your insurance needs include:
Trucking liability insurance: All commercial truckers must carry at least $750,000 worth of liability coverage. It will help the trucker pay for third-party injuries or property damage if they are at fault for an accident that harms others.
Cargo insurance: Every trucker is required to have cargo insurance that will help them replace the items in their care following loss, theft or damage sustained in a wreck. The policy can also cover debris removal and pollution cleanup following an accident.
However, as a fuel hauler, you often need further benefits for the high-risk commodities in your care:
High-value cargo coverage will broaden your standard policy limits so that you can receive adequate payment for the items in your care. Coverage can also pay if there is an erroneous delivery of a product.
Umbrella liability insurance adds extra benefits on top of the coverage provided in your trucking liability coverage. It will cover claims that are in excess of the limits of your standard liability coverage, and can also cover liability claims that your standard policy will not cover at all.
With the help of your dedicated trucking insurance agent, you can optimize your benefits for all the liabilities associated with hauling fuel. Don’t hesitate to contact us today to get the solutions you need.