Cargo Insurance

Jun 23, 2023 at 11:30 AM CST + 10
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. I am o/o with a hopper bottom hauling mainly farm to bin. I been looking into hauling from load boards. Wondering whats average brokers/shippers requirements on cargo? I have 1 broker requiring $25000 on cargo? I'm just trying to get an average and if it would be worth it.

Replied on Fri, Jun 23, 2023 at 11:54 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Hey Daniel, Great question. Cargo limits depend on the total value of the load you're hauling. If the value of the load doesn't exceed 25,000 then you should be good. Generally, we see hopper outfits carry 25K-50K limits however, some shippers and load values will require limits up to 100k. Ultimately, we recommend understanding the value of the loads you're hauling and making sure you have enough insurance to cover the load in the event of a total loss. Hope this helps. -Larry -CEO Bulk Insurance Group - 417-590-8111

Replied on Fri, Jun 23, 2023 at 11:54 AM CST

Posted by a private FlatLoads.com member.

Hey Daniel,

Great question. Cargo limits depend on the total value of the load you're hauling. If the value of the load doesn't exceed 25,000 then you should be good. Generally, we see hopper outfits carry 25K-50K limits however, some shippers and load values will require limits up to 100k.

Ultimately, we recommend understanding the value of the loads you're hauling and making sure you have enough insurance to cover the load in the event of a total loss.

Hope this helps.

-Larry

-CEO Bulk Insurance Group

- 417-590-8111

Replied on Fri, Jun 23, 2023 at 02:44 PM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. My driver just totaled his trailer. Was told a load of chicken by product was valued at $21,000.00. I've had some brokers tell me that I had to have at least a $75,000 for cargo.

Replied on Sun, Jun 25, 2023 at 07:23 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Your an O/O without cargo insurance? If your customers knew you didn't have cargo insurance they probably wouldn't hire you. You might also check what mile radius limit you have on your policy. You don't want to wreck a load 1,000 miles from home with a 250 mile (radius) limit. It seems most (bulk commodity) brokers and shippers require $25,000 to $50,000 in cargo insurance. I did however cancel a load a while back because the broker/shipper required something crazy like $500,000 in cargo insurance. I personally carry $100,000 in cargo insurance because my best customer requires it. But generally when it comes to bulk commodity loads I would get a $50,000 policy. Odds are if you wreck a load the insurance company won't pay for all of it unless you are insured well above the value of the load, plus at $50,000 you shouldn't have to worry about missing loads for not having enough cargo insurance.... Just my 2 cents.

Replied on Sun, Jun 25, 2023 at 07:23 AM CST

Posted by a private FlatLoads.com member.

Your an O/O without cargo insurance? If your customers knew you didn't have cargo insurance they probably wouldn't hire you. You might also check what mile radius limit you have on your policy. You don't want to wreck a load 1,000 miles from home with a 250 mile (radius) limit.

It seems most (bulk commodity) brokers and shippers require $25,000 to $50,000 in cargo insurance. I did however cancel a load a while back because the broker/shipper required something crazy like $500,000 in cargo insurance.

I personally carry $100,000 in cargo insurance because my best customer requires it. But generally when it comes to bulk commodity loads I would get a $50,000 policy. Odds are if you wreck a load the insurance company won't pay for all of it unless you are insured well above the value of the load, plus at $50,000 you shouldn't have to worry about missing loads for not having enough cargo insurance.... Just my 2 cents.

Replied on Sun, Jun 25, 2023 at 07:57 PM CST + 1
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. We carry $100,000. Required by most of our contacts.

Replied on Mon, Jun 26, 2023 at 12:52 PM CST + 1 - 2
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "My driver just totaled his trailer. Was told a load of chicken by product was valued at $21,000.00. I've had some brokers tell me that I had to have at least a $75,000 for cargo. " That's because THEIR particular load of chicken by-products is of unusually high quality, their by-products are from organic, free range, Super Chickens, and that makes it worth WAY more!! :)

Replied on Mon, Jun 26, 2023 at 12:52 PM CST

+ 1 - 2

Posted by a private FlatLoads.com member.

Quote: "My driver just totaled his trailer. Was told a load of chicken by product was valued at $21,000.00. I've had some brokers tell me that I had to have at least a $75,000 for cargo. "

That's because THEIR particular load of chicken by-products is of unusually high quality, their by-products are from organic, free range, Super Chickens, and that makes it worth WAY more!! :)

Replied on Tue, Jun 27, 2023 at 06:57 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "Your an O/O without cargo insurance? If your customers knew you didn't have cargo insurance they probably wouldn't hire you. You might also check what mile radius limit you have on your policy. You don't want to wreck a load 1,000 miles from home with a 250 mile (radius) limit. It seems most (bulk commodity) brokers and shippers require $25,000 to $50,000 in cargo insurance. I did however cancel a load a while back because the broker/shipper required something crazy like $500,000 in cargo insurance. I personally carry $100,000 in cargo insurance because my best customer requires it. But generally when it comes to bulk commodity loads I would get a $50,000 policy. Odds are if you wreck a load the insurance company won't pay for all of it unless you are insured well above the value of the load, plus at $50,000 you shouldn't have to worry about missing loads for not having enough cargo insurance.... Just my 2 cents. " Any farmer I have custom hauled for wanted a valid COI before I started hauling for them. My insurance is based on market price of said commodity at close of the market the day of loss.

Replied on Tue, Jun 27, 2023 at 06:57 AM CST

Posted by a private FlatLoads.com member.

Quote: "Your an O/O without cargo insurance? If your customers knew you didn't have cargo insurance they probably wouldn't hire you. You might also check what mile radius limit you have on your policy. You don't want to wreck a load 1,000 miles from home with a 250 mile (radius) limit. It seems most (bulk commodity) brokers and shippers require $25,000 to $50,000 in cargo insurance. I did however cancel a load a while back because the broker/shipper required something crazy like $500,000 in cargo insurance. I personally carry $100,000 in cargo insurance because my best customer requires it. But generally when it comes to bulk commodity loads I would get a $50,000 policy. Odds are if you wreck a load the insurance company won't pay for all of it unless you are insured well above the value of the load, plus at $50,000 you shouldn't have to worry about missing loads for not having enough cargo insurance.... Just my 2 cents. "

Any farmer I have custom hauled for wanted a valid COI before I started hauling for them. My insurance is based on market price of said commodity at close of the market the day of loss.

Replied on Tue, Jun 27, 2023 at 01:42 PM CST - 1
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. A dislike??? "Come on Man" that was funny...

Replied on Thu, Jun 29, 2023 at 09:53 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. With one truck driving around 150 miles from home hauling DDG , Fertilizers how much will be a month average insurance?

Replied on Fri, Jun 30, 2023 at 08:55 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "Your an O/O without cargo insurance? If your customers knew you didn't have cargo insurance they probably wouldn't hire you. You might also check what mile radius limit you have on your policy. You don't want to wreck a load 1,000 miles from home with a 250 mile (radius) limit. It seems most (bulk commodity) brokers and shippers require $25,000 to $50,000 in cargo insurance. I did however cancel a load a while back because the broker/shipper required something crazy like $500,000 in cargo insurance. I personally carry $100,000 in cargo insurance because my best customer requires it. But generally when it comes to bulk commodity loads I would get a $50,000 policy. Odds are if you wreck a load the insurance company won't pay for all of it unless you are insured well above the value of the load, plus at $50,000 you shouldn't have to worry about missing loads for not having enough cargo insurance.... Just my 2 cents. " It sounds like he's hauling mainly farm to grain bin's. I'm guessing he's hauling his own grain and not hauling for anyone else and is now looking to haul for brokers to keep busy.

Replied on Fri, Jun 30, 2023 at 08:55 AM CST

Posted by a private FlatLoads.com member.

It sounds like he's hauling mainly farm to grain bin's. I'm guessing he's hauling his own grain and not hauling for anyone else and is now looking to haul for brokers to keep busy.

Replied on Sat, Jul 01, 2023 at 09:09 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "It sounds like he's hauling mainly farm to grain bin's. I'm guessing he's hauling his own grain and not hauling for anyone else and is now looking to haul for brokers to keep busy." His post said he was an O/O, not a farmer with a hopper trailer.

Replied on Mon, Jul 03, 2023 at 08:33 AM CST
Posted by a private FlatLoads.com member.	Posted by a private FlatLoads.com member. Quote: "With one truck driving around 150 miles from home hauling DDG , Fertilizers how much will be a month average insurance?" Depends on a lot of things, your driving record, cost of equipment, what kind of distance it covers what cargo it covers, how long you've been driving and so on but a new guy starting out in a hopper with one truck will probably be around $1,200 - $1,500 a month.

Replied on Mon, Jul 03, 2023 at 08:33 AM CST

Posted by a private FlatLoads.com member.

Quote: "With one truck driving around 150 miles from home hauling DDG , Fertilizers how much will be a month average insurance?"

Depends on a lot of things, your driving record, cost of equipment, what kind of distance it covers what cargo it covers, how long you've been driving and so on but a new guy starting out in a hopper with one truck will probably be around $1,200 - $1,500 a month.

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