Motor Truck Cargo & Logistics Services Insurance
Columbia™ (Motor Truck Cargo & Logistics Services Insurance) is a data-powered insurance product, purpose-built for the logistics community.
Columbia™ provides market leading coverage, protecting motor carriers, freight brokers, and freight forwarders against damage to cargo. Supplemental coverages in addition to the main insurance agreement include business personal property, contingent coverage, contractual penalties, debris removal, extra expense, freight charges and shipping containers.
Through Loadsure, insurance producers can optimize their time and efficiently secure coverage for clients via dynamic quote, binding confirmation, and policy generation.
How does it work?
Through our data-driven algorithm, our dynamic pricing model delivers fair and accurately priced quotes faster than other markets. This efficiency empowers insurance professionals by economizing their time allowing them to capitalize on additional opportunities across the transportation industry.
Who should Columbia™ be offered to?
- Interstate motor carriers
- Intrastate motor carriers
- Freight brokers
- Freight forwarders
Target class characteristics: active USDOT number, up to 50 power units, three years or more experience, and stable financial position.
What level of cover does Columbia™ offer?
In addition to its broad insuring agreement tailor made for trucking and logistics companies, Columbia™ has a low minimum premium and includes 11 supplemental coverages. These include:
- Business personal property
- Contingent coverage
- Contractual penalties
- Debris removal
- Extra expense
- Freight charges
- Shipping containers
- Quick and easy process with faster turnaround times than traditional markets
- Fair and accurately priced quotes based on Insured’s own data
- Dynamic document generation (quote/binder/policy)
IMPORTANT RISK WARNING: Insurance products are subject to certain risks and uncertainties. While insurance is designed to provide coverage for various losses and liabilities, it is important to understand that it may not cover all potential risks or losses. The effectiveness of an insurance policy depends on the specific terms and conditions, exclusions, and limits of the policy. It is essential to read and understand the policy documentation before purchasing insurance. If you have any questions or uncertainties, please consult with a professional advisor. Remember, the purpose of insurance is to provide protection against potential future losses, and it is not intended as an investment product. It does not provide a return on investment like a savings account or investment product.
What are the Columbia™ policy limits?
For the Columbia™ policy, our appetite is for submissions with limits of insurance up to $500,000 Per Conveyance.
Which property is outside of appetite?
- Ammunition, firearms, explosives
- Fine art, jewelry, precious metals and stones
- Live animals
- Money and securities
- Property held in storage
- Valuable papers and records
Which operations are outside of appetite?
- Dedicated tanker truckers
- Garbage / refuse haulers
- Hazmat haulers
- Heavy haulers (oversized / overweight loads)
- Household goods carriers
- Mail carriers
- Carriers with passenger liability
- Warehouse operators
Who manages the claims handling?
Claims on our Columbia™ policy are currently handled by Raphael & Associates.