Non Trucking Liability To Prevent Your Financial Loss
Oftentimes, people may use the terms bobtail and non-trucking interchangeably when referring to liability coverage that insures non-commercial activities. Non Trucking Liability encompasses a larger coverage area than bobtail liability insurance, but only pertains to damages and injuries caused during non-business related travel. Both Bobtail and Non Trucking Liability are needed to prevent your financial loss.
Although people often use Bobtail Insurance and Non Trucking Liability insurance interchangeably, technically they are not the same coverage. Non-trucking liability only applies when an insured under permanent lease to a motor carrier is using his/her commercial vehicle for personal, non-business use. Bobtail insurance covers a tractor when it’s being operated without a trailer, whether or not it’s under dispatch. Some motor carriers prefer their owner-operators to have bobtail insurance because the coverage is broader, thus often limiting the carrier’s own exposure. But in reality, true bobtail insurance is not widely available and is quite costly. As a general rule, most permanently leased owner-operators only need to carry non-trucking liability.
Today, trucks are used for all types of economic activity in the world. They are very useful in the division of distribution, construction, agriculture, industry and land in shipment. Due to the importance of the role then various types of insurance were created. Besides the primary liability that covers the basic coverage, some additional coverage just like Non Trucking Liability and Bobtail Liability are also needed. The program features in non trucking liability include: Limits of up to $1,000,000, ISO Commercial Automobile Policy forms, written on admitted paper, monthly premiums charged per power unit, and truck physical damage.
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Generally a motor carrier offer primary liability insurance with no coverage for physical damage. This means you can buy insurance coverage for physical damage to your vehicle to your landlord. Physical damage coverage protects you in case of total loss or if your truck is due to a collision or an accident, theft or natural disaster shipping. With Non-Trucking Liability and Physical Damage coverage for your truck, ou can be sure you’re fully protected.
Though not required by law, motor carrier companies that employ full-time lease drivers can benefit from the added protection provided by bobtail and non-trucking insurance coverage. Motor carriers keep track of their drivers through dispatch lines, or dispatchers who track drivers’ whereabouts and tell them where to go. When off-duty, a driver’s whereabouts remain unknown until he reports back in to dispatch. Primary liability insurance doesn’t cover off-duty drivers or trucks. Bobtail coverage provides protection when a full-time lease driver takes a truck home without a trailer or uses it for personal use, while non-trucking coverage insures most all activities when off-duty.
How do you protect your valuable assets? After considering some of the above non trucking liability is a must to protect your financial loss. There are various options that you can use other than non trucking liability insurance, shopping online is the best step. Also, by getting quotes online, you can compare the cost that you should spend.