FAQ

Looking for homeowners or commercial insurance for your property in Northville, NY? Have you ever wondered what types of coverage you can receive after an automobile collision? What kinds of permits will you need if you decide to extend your business outside state lines?

There are all sorts of questions our clients ask us on a regular basis. To make things easier on you, CDL Associates Insurance Agency LLC has provided the following FAQ.

If you have any additional questions, call us at 1-888-863-2101 (Toll Free) or
518-863-2100!

Auto Insurance

If you’re taking out a loan to buy the vehicle, you will be required to buy “full coverage” auto insurance for the life of the loan. That includes collision and comprehensive coverage, in addition to liability.

Your homeowners insurance does not cover the loss of your car, even though it was “in your house.” You must typically have a form of comprehensive physical damage coverage on your automobile insurance policy for it to be covered.

Homeowner Insurance

Unlike driving a car, you can legally own a home without homeowners insurance. However, if you finance your home with a mortgage, your lender will most likely require you to have home insurance coverage to protect your home in case of damage cause by unforeseen circumstances, such as fires or natural disasters.

When you purchase a home and a homeowners insurance policy, you should create an up-to-date home inventory to expedite a claim settlement if you ever need to make one. With a complete home inventory, your insurance company can verify property easier, which makes settling your claim easier. Plus, you can easily verify losses for your income tax return with an updated home inventory.

Commercial Coverages

Workers’ compensation insurance provides coverage for employees who are injured on the job. When employees are injured, workers’ compensation insurance provides them with medical treatment, payment for lost time and disability, and re-employment assistance if needed.

Trucking

Actual cash value is the cost of your equipment at the time of a loss minus depreciation. A Stated Limit Policy is an agreement between the insured and the insurance carrier that places a predetermined value on the item.

Typically no. Most states require proof of financial responsibility, which is the Primary Auto Liability Insurance, not secondary liability.

FMCSA only requires $750,000 primary liability coverage, but most shippers/brokers require $1,000,000. The most common request for cargo is $100,000, but this would depend on what you’re hauling and for whom you are hauling.

Auto Liability is a requirement by the FMCSA for operating authority; however, you may need additional coverages such as Motor Truck Cargo, General Liability, and possibly Workers Compensation or Occupational Accident insurance. Other coverages may be required in your contract(s) with your brokers and shippers.

Any requirements for secondary liability (such as bobtail, non-trucking or unladen liability coverages) should be specified in your lease agreement. You can then purchase additional coverage to protect your equipment.

FMCSA MC Authority with a DOT number. Truck registration requires IRP, Single State Registration (SSRS), and IFTA. Depending upon which states you operate in, there may be individual state permits needed.

The following are the most common forms of coverage for trucking and transportation:

  • $1,000,000 Commercial Auto Liability
  • Physical Damage Coverage with $1,000 Deductible
  • $100,000 Motor Truck Cargo with $1,000 Deductible
  • Non-Owned Trailer Coverage
  • General Liability
  • Workers Compensation (if you have employees)
  • Have additional questions? Contact us today!

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