Adding a tanker truck to your fleet is an investment that can open up different opportunities and introduce new revenue streams. However, insurance coverage for these rigs is similar to other trucks in many aspects but quite different in others.
Fuel and Hazardous Cargo
Transporting flammable or other hazardous materials present an escalated risk compared to hauling other cargo. If a truck carrying dry goods is involved in an accident it may require some cleanup but typically doesn’t cause extraordinary damage. If a tanker is ruptured then the result can be an environmental issue or significant damage to the highway and surrounding property. It is for these reasons that laws often mandate that fuel tanker truck coverage amounts be significantly higher than for standard rigs.
Property damage isn’t the only thing you can be held liable for in the event of an accident. Imagine that the wreck and resulting fire cause injury or harm to others involved. Bodily injury liability helps insure you against the cost of medical bills and expenses due to this situation.
Owning a tanker truck requires an understanding of the risk involved and the insurance policy needed to mitigate that. Talking to an insurance professional will help clarify the requirements and ensure you get the best rates.