Summary: When transporting cargo, a trucker may be held responsible for damage to the cargo as either a common carrier under the terms of a bill of lading and Department of Transportation (DOT) requirements or as a contract carrier under the terms of a contract with the shipper. A trucker purchases motor truck cargo insurance (MTC) for protection for such liability.
American Association of Insurance Services (AAIS) offers the standard form for MTC. AAIS has three separate forms: Motor Truck Cargo Liability Coverage (IM 7450);,Motor Truck Cargo Liability Coverage—Scheduled Vehicle Form (IM 7451),and Motor Truck Cargo Liability Coverage—Named Perils Form (IM 7452). This article examines form IM 7450.
Topics Covered:
Underwriting and rating—general considerations
Underwriting and rating—hazards
Supplemental coverages Perils and exclusions
Loss conditions Valuation and loss payment
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