Your Expert Navigators: Even at Home, CyberSecurity is a Growing ConcernApril 30, 2020
Transportation Insurance for Freight Brokers and TruckersAugust 3, 2020
Expanding your business opportunities is a keystone to business strength and independence. One of the surefire ways to increase your revenues from shippers is Shipper’s Interest. A small investment in Shipper’s Interest and other carefully selected transportation insurance products can help grow your business. Some things to think about as you map out a plan that will take you through the current disruption include:
- Shipper’s Interest, which can be an effective way to cover high-value cargo, protect key shipper relationships and provide insurance at the time it is needed without facing costs in advance;
- Contingent Cargo means “peace of mind” and it is frequently required under many shipper agreements;
- Auto, General, and Umbrella/Excess Liability may also arise in the insurance requirements of certain shippers.
Shipper Insurance Requirements
When a shipper provides you with their insurance requirements, be aware of three additional coverage requirements. Often called endorsements, these coverage requirements need to be addressed so that we can get you set up correctly from the start. The requests you should clarify with the shipper may include:
- Additional Insured (AI) – This typically applies to liability coverage. Based on the coverage, specific terms may be required by the requesting party;
- Waiver of Subrogation (WOS) – In the case that a claim is paid under the policy, this endorsement is intended to prevent the recovery of money from the party named on this form;
- Primary and Non-Contributory (PNC) – This is intended to make the policy pay before other policies without seeking contributions from the other policies that could be noted as primary (non-contributory).
Commercial Insurance Advisors | PFA Protects
Call our Insurance Department today at 800-595-2615 or email Agency@PFAprotects.com to get connected with one of our Commercial Insurance Advisors. We can help you navigate these topics during these challenging times. Our bottom line: Setting you up with the coverage you need and provide you with a Certificate of Insurance that can help you secure contracts and give you a solid foundation. We are here to help your business grow!