Excess coverage (or Trip Transit, Spot Insurance or Gap Coverage) is used when the Motor Truck Carrier’s (MTC) policy limit is not sufficient to cover the value of the shipment a trucker is carrying.
The excess coverage is gap insurance. Most truckers only carry $100,000 in freight insurance, which is simply not enough cargo insurance coverage in most cases. Generally, excess cargo insurance coverage is purchased by the Freight Broker or the Shipper. This allows for more flexibility when assigning a trucker to move a shipment.
Supplemental freight insurance, gap insurance or spot coverage can also be purchased by a motor carrier who does not currently have enough cargo insurance. Getting instant excess cargo coverage ensures that a trucker will not miss the opportunity to move a load of freight and the payday associated with it.
Freight Insurance Fast by LOGISTIQ provides quick excess coverage or cargo insurance for freight shippers, freight brokers and truck owners and operators. Our policy is written on an all-risk loss or damage basis to best match the situation for the excess coverage (spot insurance) needed.
Best of all, our all-risk cargo insurance coverage is affordable. The cost for excess cargo insurance is based on the commodity being hauled as well as the deductible selected. The nominal cost can often be passed along to the trucker or built into the freight charges to the shipper.