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MOST REQUESTED COVERAGE’S
Auto Liability, Motor Truck Cargo Coverage, Commercial General Liability, Medical Payments, Uninsured Motorist, Underinsured Motorist
Personal Injury Protection (PIP), Owned Auto, Non-Owned Auto, Hired Auto, Collision Coverage, Comprehensive Coverage and Trailer Interchange
Commercial truck insurance is a type of insurance that provides coverage for vehicles used by businesses to transport goods. These commercial trucks may be used for both short and long-haul trucking operations, as well as local deliveries. Commercial truck insurance is an important form of protection for businesses that rely on these vehicles to deliver their goods to customers. In the state of Maryland, there are specific regulations and requirements for commercial truck insurance; it is important to understand these requirements in order to ensure that your business is properly insured.
Definition of Commercial Truck Insurance
Commercial truck insurance is a specialized type of insurance that provides coverage for vehicles used by businesses for transporting freight, goods, or other cargo. This type of insurance typically covers the vehicle itself (including the cab, trailer, and engine), liability for any injuries or damages caused during operation, and uninsured/underinsured motorist coverage. Policies may also include liability coverage for damage to other people’s property or cargo, physical damage to the truck or its contents, medical payments, trailer interchange coverage, non-trucking liability, and other add-ons.
Why Do You Need Commercial Truck Insurance?
Commercial trucks are valuable assets that businesses rely on to transport goods and supplies to their customers. Without the right level of protection, damages and losses caused by accidents can quickly lead to financial disaster. Commercial truck insurance helps to protect against these potential losses by providing coverage for repairs and replacements, as well as for liability for any third-party injuries or damages caused during operation. By ensuring your business is properly covered with the right level of commercial truck insurance, you can protect your assets from unexpected losses and ensure your ability to continue operations following an accident.
Maryland Requirements for Commercial Truck Insurance
The state of Maryland has specific requirements for commercial truck insurance that must be met in order to legally operate these vehicles on public roads. In addition to obtaining liability coverage, drivers are also required to obtain an annual inspection performed by a certified mechanic. The following are the minimum requirements for commercial truck insurance in Maryland:
• Liability Insurance: All commercial trucks operating in Maryland must carry a minimum amount of liability insurance. The minimum limit is $750,000 per occurrence/$1 million aggregate (bodily injury and property damage). Additionally, trucks must carry liability insurance coverage for uninsured/underinsured motorists at the same limit as the bodily injury and property damage provisions.
• Physical Damage Coverage: Physical damage coverage is not required by the state but is strongly recommended for most businesses. This type of coverage provides protection for your vehicle in the event of theft or damage from an accident. Typical coverage limits range from $10,000-$50,000 depending on the size and value of the vehicle.
• Cargo Coverage: Cargo coverage protects against any loss or damage caused to goods or equipment during transit. This type of coverage is especially important for businesses transporting valuable goods or expensive equipment. Coverage limits vary depending on the value of the cargo being transported; most policies will provide cargo coverage up to $100,000 per incident.
• Motor Truck Cargo Insurance: This type of insurance provides coverage specifically for motor carriers transporting freight over public roads. It covers claims related to legal liability arising out of the transportation of property (including lost, damaged, or stolen cargo). A motor truck cargo policy is required if your business transports goods valued at more than $5,000 at any one time.
• Non-Trucking Liability Insurance: This optional coverage helps protect against claims arising out of non-business uses of a commercial truck such as out-of-town personal driving or delivering goods for friends or family members. Non-trucking liability insurance typically carries a maximum limit of $1 million per occurrence.
• Trailer Interchange Agreement (TIA): A TIA is an agreement between two companies allowing one company’s trailers to be used by another company on an interchange basis. A TIA can help protect companies from financial losses due to trailer problems (e.g., stolen trailers, flat tires, battery failure). Most companies require proof of insurance (usually a $1 million liability limit) before allowing you to use their trailers under a TIA agreement.
Below are the classifications of commercial big rig trucking policies.
• Symbol 1 – Any auto, don’t have to schedule them. Covers any auto as long
as the insured is using it. (This is rare nowadays especially for Big Rig Trucks))
• Symbol 2 – Any owned auto. Covers only autos that the insured owns.
Includes autos you acquire ownership of after the policy begins.
• Symbol 3 – Owned private passengers autos only. Covers private passenger
autos. Includes autos you acquire after the policy begins.
• Symbol 4 – Owned autos other than private passenger autos only. Covers only
those autos you own that are not private passenger and for liability for trailers
you don’t own while attached to power units you own. Includes those autos
not of the private passenger type you acquire after the policy begins.
• Symbol 5 – Owned autos. Subject to No Fault State.
• Symbol 6 – Owned autos. Subject to Compulsory Uninsured Motorist Law.
Form you attach when the state requires and insured can not reject uninsured
motorist coverage. It includes autos you acquire during the policy period after
the policy begins.
• Symbol 7 – Specifically described autos. Covers only described autos.
Coverage follows power unit. Non owned trailers have liability with this form. (Most common for Big Rig, Box Trucks and other For-Hire operations)
• Symbol 8 – Hired Auto Only. Covers auto you lease, hire, rent or borrow.
This does not include any auto you lease, hire, rent or borrow from any of your
employees, partners or members, etc.
• Symbol 9 – Non-Owned Autos Only – Coverage auto you do not own, lease,
hire, rent or borrow that are used in connection with your business. Includes
auto owned by your employees, partners, members, etc.
We can easily insure the following Maryland business types. >Click here to get your free Maryland Big Rig Truck Insurance Quote<
CEMENT CONTRACTING – COAL HAULING – CONSTRUCTION – COURIER SERVICE – COURTESY PASSENGER TRANSPORT – DEBRIS REMOVAL – DEMOLITION – DIRT, SAND & GRAVEL – ELECTRICIANS – EXPEDITERS – FARMING – FIREWOOD HAULING – BULK FLORIST Refrigerated DELIVERY – FOR-HIRE TRUCKING – FROZEN FOODS TRANSPORT – FURNITURE DELIVERY – GARBAGE COLLECTION – HAZARDOUS MATERIALS HAULING – HOTEL SHUTTLES – HOTSHOT TRANSPORT – ICE CREAM VENDOR – IMPOUND LOT – INTERIOR DECORATING – INDEPENDENT TRUCKING – LANDSCAPING – LEASED-ON BIG RIG TRUCKING – LINEN SUPPLY – LOGGING – LONG-HAUL TRUCKING – MOTORCYCLE DEALERSHIP – OWNER-OPERATOR – PIANO MOVING – PLUMBING – ROCK QUARRY HAULING – RECYCLING SERVICES – REFRIGERATED GOODS TRANSPORT – RETAIL FOOD MARKET – ROOFING – SHOPPING MALL DELIVERIES – SNOW PLOWING – TOW OPERATION – TREE SERVICE – WIDE LOAD HAULER – WRECKER SERVICES and much more.
Final Thoughts
Commercial truck insurance is an important form of protection that should not be overlooked by any business that relies on these vehicles to transport goods or supplies. Understanding the minimum requirements set forth by the state of Maryland can help ensure that your business is properly protected against any unexpected losses or damages incurred while operating a commercial truck. With the right level of coverage in place, you can rest assured that you have the protection you need in case of any unforeseen events involving your commercial trucks.