We are a small to medium size load broker that handles LTL and truckload shipments throughout Canada and the United States. We have gone through some changes over the years and no longer have a warehouse or forklifts etc, but I feel we have just renewed our insurance year after year without fully understanding what we need and what we don't and how much as a load broker or agent. Can anyone tell me what they have for polices ?
Insurance needs for a broker
- Thread starter qqq107
- Start date
30
As a 3PL we have an "All Risk" Transportation Broker including Contingent Cargo and E&O policy plus the usual general liability.
The amount of contingent cargo and deductible is up to you depending on the value of what you haul and what your customers demand.
BUT, I'm not an insurance broker and thankfully have not tested the contingent cargo policy.
Very interested in what @TRKINSURE recommends
The amount of contingent cargo and deductible is up to you depending on the value of what you haul and what your customers demand.
BUT, I'm not an insurance broker and thankfully have not tested the contingent cargo policy.
Very interested in what @TRKINSURE recommends
10
That pretty much it!
- Cargo Legal liability
- Contingent Cargo
- E&O
Some add general liability and Umbrella on top. If you have a building/office, than coverage for the property.
30
@qqq107 what @Ins-Broker is correct in terms of coverage (also look at cyber coverage!!!).
But who is the best insurer - depends on your size and what you do. There aren't many insurers that niche in this. If you want to give me a better idea on who you are and what you do - a couple typical questions i would ask to understand your opreration better - before suggesting an insurer would be:
What is your trading area (globally/N.America)?
What is your estimated and actual revenues (12 months back and 12 months forward)
Do you have any contracts in place which would supersede a bill of lading?
What are your typical Commodities?
Let me know - either a PM or put it out here for the world. If you send me a PM, send me your email address or phone number and we can have a conversation, anytime!
But who is the best insurer - depends on your size and what you do. There aren't many insurers that niche in this. If you want to give me a better idea on who you are and what you do - a couple typical questions i would ask to understand your opreration better - before suggesting an insurer would be:
What is your trading area (globally/N.America)?
What is your estimated and actual revenues (12 months back and 12 months forward)
Do you have any contracts in place which would supersede a bill of lading?
What are your typical Commodities?
Let me know - either a PM or put it out here for the world. If you send me a PM, send me your email address or phone number and we can have a conversation, anytime!
10
All risks refers to the "Perils" of insurance as in, what is covered and there can still be exclusions.
Really ? I've heard nothing but bad about them.
I would suggest mcdougall insurance for a brokerage.
30
On the west coast, I have been dealing with Riccardo Sestito at Johnston Meier Insurance at their 72nd Ave Langley location for over 20 years, extremely knowledgeable on inland marine insurance
10
Self-promotion:
I have been doing this for over 15 years and I am a member here as well
I have been doing this for over 15 years and I am a member here as well
I agree, @Ins-Broker knows what he’s doing.Self-promotion:
I have been doing this for over 15 years and I am a member here as well
We’re all fishing from the same pond. It’s easy to sell these products but claims can be quite complex. Get it from a guy who knows the process!