Streetsmart insurance Blog
When trucking companies lack the parts, equipment, or drivers necessary to deliver their cargo, they can hire other companies to complete the project. After both parties finish their negotiations, trucking companies will typically ask contractors to complete a trailer interchange agreement before giving their trailer to another driver.
If you are working with a trucking company to deliver their cargo, you may be asked to take one of their trailers and complete a trailer interchange agreement before moving forward. When you take responsibility for their property, you can be held liable for any damage that is done to their trailer. If you want to protect yourself and your business from third party lawsuits, trailer interchange insurance can cover any costs that are associated with damaging their trailer.
Unlike non-owner trailer coverage, trailer interchange insurance is designed to protect truck drivers that are working with a common carrier under a written contract. With equipment, cargo, interchange points, penalties, and compensation clearly outlined in your trailer interchange agreement, trailer interchange insurance can give you an added layer of security when you are using another company’s trailer.
What Else Should I Do If I Sign A Trailer Interchange Agreement?
Understand Your Contract – Read through every line of your trailer interchange agreement so that you understand what you are responsible for. Minor damage to their trailer or a missed delivery can impact your compensation and your chances of being hired again with the same company.
Talk With Your Insurance Agent – Make sure that the liability limits on your trailer interchange insurance policy are at the right level for each trip. Discuss the claims process with your insurance agent so that you know how to proceed if the trailer is damaged, and keep the claims number in your wallet in case of an accident. Above all, remember that your trailer interchange insurance policy will protect you and your business if disaster strikes.
Street Smart Insurance is committed to providing affordable coverage. Whether you are looking for your first truck insurance policy or you are shopping for a better price, our agents are ready to help. Call us at (732)-462-8343 for a free quote!