Which vehicles are some of the most dangerous on the road? Vehicles that carry waste products or hazardous materials are high-risk vehicles for many reasons.
Hazmat trucking insurance provides company owners with extensive protections against these high-risk trucks. Without it, a single accident, spill or collision can lead to significant loss. It may even lead to fatalities.
Any company operating a vehicle containing hazardous material needs this type of trucking insurance. It does not matter if you operate a single truck or a fleet of them. Protection is essential.
What Type of Coverage Does a Hazmat Vehicle Need?
Moving hazardous materials is regulated by most states as well as the federal government. These laws define how such material can move across highways. The laws also define specific standards that all trucking companies need to maintain. In some cases, you may have specific insurance requirements as well.
Most of the time, insurance for these vehicles needs to offer comprehensive liability coverage. Some states require trucks to have $1,000,000 to as much as $5,000,000 in liability insurance. This high value helps cover the cost of cleanup and loss that a single spill can lead to. This is especially true when environmental damage occurs.
Trucking insurance should offer complete coverage. This may include:
- Pollution liability. This is a type of policy to cover cleanup expenses including the discharge of pollutants. This is at the heart of any hazmat insurance plan.
- Excess liability. This provides as much as $50,000,000 of additional liability insurance to cover such losses.
- Hazmat hauler’s general liability. This coverage is a more basic level of liability coverage. It provides for claims such as wrongful delivery or other non-trucking related claims.
- Loading and unloading. This covers the cargo when you move it from a truck to another area.
- Collision coverage. This provides compensation for losses related to the truck itself when a collision occurs.
Trucking insurance should also include comprehensive protection for the truck, loan or lease gap, downtime, and medical payments coverage.
For hazmat trucking insurance, invest in a quality, high-value policy whenever possible. This is the only way to safeguard against a single accident. Your truck can easily slip on ice, hit another vehicle, and cause a major environmental mess.
Without insurance, your company may have to foot the bill for that cleanup. Budget Insurance Agency, Inc. can help you find policies to protect your business in case of unfortunate accidents. Visit our website for more information, and call us today at 855-218-6308 to get a commercial truck insurance Georgia quote.