Contingent Cargo Policy

Y

YYZRIDER

Well-Known Member
Mar 3, 2016
318
272
63
20
I know it's not a requirement to have it for Freight Broker along with surety bond. But do you all prefer to have it? thanks
We have a surety bond in place but recently we had a cargo claim and it was very hard to reach out carriers insurance for follow up and additional information customer required thru the process. so what I thought if we had CCP in place then my broker would directly deal with carriers broker and get straight answers faster + our IB will do the job what we are doing in order to resolve the claim in a timely manner. Am I correct
Please give some feedback. I
 
A contingency cargo policy provides coverage when the primary insurer, in most cases the carriers insurance provider, fails to respond to a freight claim for any number of reasons. Like all insurance products there are limits and various exclusions that your insurance broker would be able to explain to you. We have always purchased contingency cargo insurance as part of our overall risk management strategy.
 
  • Like
Reactions: YYZRIDER
I've got to agree with Loaders, we carry $500k CC for exactly that reason. Actually had to use it once when the carrier insurance decided to no pay out, their client had stolen a few dozen TL's all over North America and their insurer advised the policy was void when the carrier chose to enter into criminal activity. Funny, about a year after it was paid out, I got a call from the claimant's insurance company asking me about the claim. Sent them the release from further claim signed by the client. Perhaps they were trying to claim twice? Perhaps they were trying to claim amounts not recovered from the $2/lb that was paid out.

Anyway, get coverage and sleep better at night.

Keep well,
Mike
 
  • Like
Reactions: YYZRIDER
You must log in or register to reply here.
Top Bottom