Motor Truck Cargo Insurance
Definition of "Motor truck cargo insurance"
Protection required under the Motor Carrier Act of 1935. The policy covers the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer's property being shipped. This includes lost packages, broken contents, and stolen articles. Two types of policies are available: those that list the specific trucks to be covered in which the property may be damaged or destroyed; and those that cover all of the insured's trucks, with no trucks listed specifically. This coverage is on the Gross Receipts Form, which in essence covers all operations of a motor carrier.
Popular Insurance Terms
Type of commercial form that provides coverage for business vehicles regardless of whether they are owned, leased, hired, or borrowed. The form's coverages are divided into the following ...
Additional coverage available on most property insurance policies through the extended coverage endorsement. Windstorms, including hurricanes, cyclones, and high winds, are not among the ...
Losses paid plus positive or negative changes in the year-end loss reserves during that particular year. The total amount includes payments for any old claims as well as new claims, plus ...
Requirement of an employer to report annually to the U.S. Treasury Department the names of employees who terminated employment with vested benefits, and the amount of the benefits. The ...
Physical contact of an automobile with another inanimate object resulting in damage to the insured car. Insurance coverage is available to provide protection against this occurrence. ...
Peril that occurs when personal property of two or more people is mixed to such an extent that any one owner can no longer identify his or her property. ...
Sum of money to be received by an insured in the event a given loss occurs. ...
Individual who possesses a unique ability essential to the continued success of a business firm. For example, this individual might have the technical knowledge necessary for research and ...
Observance of an event occurring on a repeated basis that leads one to believe that a certain probability is attached to the occurrence of that event. For example, if there are a red ball ...
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