Commercial Truck Insurance
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Trailer Interchange Insurance Coverage
Sometimes a load needs to be transferred to a different trucker to complete the delivery to the final destination. What happens if that trailer is damaged when it not attached to the owner’s truck? Some truckers are unclear on the exact definition of trailer interchange insurance. Basically, it’s An insurance coverage that covers damage caused to a non-owned trailer under your care while you’re operating under a written trailer interchange agreement.
In most cases, if you are hauling someone else’s trailer full of goods under a written agreement, you’ll need to add this coverage. Sometimes, the trucking company that owns the trailer will have insurance to cover their trailer while it is under your care. In that case, you won’t need to cover this risk.
But a trailer interchange agreement is less common in the trucking industry these days. Oftentimes, a less formal agreement is made when a trucker needs to haul someone else’s trailer and goods. In these cases you would need a Non-Owned Trailer Physical Damage policy.
What Does Trailer Interchange Insurance Cover?
It is most common coverage that covers your trailer form physical damage covers trailers during loading and unloading. it also cover trailers form wrecks, fire, theft, vandalism and any other physical damage. Many truck driver and business owner need to be have trailer exchange insurance if they want business without fearless.
Who Needs Trailer Interchange Coverage?
Intermodal truckers — How much insurance is required depends on the equipment provider. UIIA requires its members to have at least some amount of trailer interchange insurance.
Power only drivers pulling loadout trailers — They will expect you to sign a trailer interchange agreement. They won’t do business with you if you don’t have the trailer interchange endorsement.
Leased Operators — Sometimes motor carriers and shippers will require their leased drivers to carry TI coverage. But this isn’t always the case. Ask your company what they require before you put trailer interchange on your policy.
Independent owner operators using trailer interchange agreements — There are countless scenarios where an o/o will have to pull an exchanged trailer under a TI agreement. Normal physical damage insurance does not protect any trailer that is not your own. It’s a smart idea then to get trailer interchange coverage.