Truckstop.com Offers LTL Cargo Insurance Coverage - Global Trade Magazine
  September 26th, 2017 | Written by

Truckstop.com Offers LTL Cargo Insurance Coverage

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  • Truckstop's LTL option pays claims based upon the invoice value of goods.
  • Truckstop's LTL all-risk coverage covers acts of God, theft, and unattended vehicles.
  • Truckstop CEO: "We heard from our customers there's a need for a more economical LTL cargo insurance policy."

Truckstop.com, a load board and freight marketplace, has introduced a less-than-truckload (LTL) option for its CargoShield insurance product. CargoShield provides transactional, shipper’s interest cargo coverage, protecting freight from origin to destination for $12 per load.

The LTL option will pay claims based upon the invoice value of goods, as stated on the Bill of Lading, instead of released value or freight class formula, which would typically pay a claim at a fraction of the load value. For $12 per load, policy holders receive $50,000 in coverage. Additionally, the all-risk coverage offers one of the broadest coverage terms in the industry, covering acts of God, theft, unattended vehicles, and more.

“We have heard from our customers that there’s a real need for a more economical LTL cargo insurance policy,” said Paris Cole, Truckstop.com CEO. “This policy provides shipper’s interest coverage and is not supplemental or contingent insurance, which makes it an even greater value to our customers.”

Others in the industry charge over $80 for $20,000 of coverage, according to Cole. “We have a dedicated policy team processing claims in 30 days or less, which means no chasing after carriers or paperwork,” Cole said. “It’s designed to empower the freight community to focus their efforts on revenue-generating activities, not problems or busywork.”

CargoShield is also available as an integration, allowing customers to cover loads without leaving their transportation management system or other software platform.

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