Trucking load board platform provider Truckstop.com today said it has introduced a less-than-truckload (LTL) option for its CargoShield insurance product, offering low-cost coverage for a wide range of events.
CargoShield currently provides transactional, shipper's interest cargo coverage, protecting freight from origin to destination, according to New Plymouth, Idaho-based Truckstop.com.
The new 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, the company said.
Truckstop.com will sell the coverage for $12 per load and offer $50,000 in coverage, setting a lower price than other transportation industry plans, which often sell for $80 per load to provide $20,000 of coverage, Truckstop.com CEO Paris Cole said in a release. "We have heard from our customers that there's a real need for a more economical LTL-cargo insurance policy," Cole said in a statement. "That this policy provides 'shipper's interest' coverage and is not supplemental or contingent insurance makes it an even greater value to our customers."
Additionally, the "All-Risk" coverage is among the broadest in the industry, covering "Acts of God," theft, and unattended vehicles. Carriers often use an "Act of God" defense to ward off claims by shippers following the loss of freight in natural disasters such as the past month's hurricanes in Texas and Florida.