Yes, at the time you accept the insurance cover you can add what’s known as loss of use cover to your policy. This cover assists with some of the hire charges for a replacement vehicle while yours is being repaired.
About commercial truck and heavy vehicle insurance
Commercial truck insurance addresses the risks facing trucking operations, from high-value vehicle protection to specialised transport liability coverage, ensuring your logistics business remains protected and operational.
Heavy vehicles (over 3.5 tonnes) and trucks are exposed to a range of risks. Long driving hours, handling customer goods, and the high value of the trucks and vehicles themselves mean that commercial vehicle insurance may not sufficiently cover your fleet.
Our brokers are preferred suppliers to the National Road Carriers Association and work closely with your industry, understanding the nuances of what’s required. Whether you’re the sole owner/operator of a heavy vehicle or in charge of running a larger fleet, we can help arrange insurance to keep your business trucking along.
A commercial motor vehicle fleet insurance package for trucks and heavy vehicles typically includes public liability insurance, carriers liability insurance and truck and vehicle insurance.
What is covered by commercial truck insurance?
selected option
- What's covered
- What's not covered
Key product highlights
Commercial truck insurance example
Harry owns a small fleet of logging trucks. One day, the fleet is transporting Radiata pine for export on the highway when an oncoming car causes one of the trucks to make an evasive manoeuvre. The movement causes a chain to break and several of the logs to roll onto the road. Damage is caused to a car that was travelling behind the logging truck.
Luckily, no one is hurt, but it takes several hours to clear the road. Some of the cargo doesn’t make it to its intended destination in time, and this has an impact on Harry’s client.
Harry has logging truck insurance covering his business for liability and protecting his assets. His insurer covers the cost of repairing the damage done to the logging truck, as well as the car that was travelling behind
The cost of traffic management while the highway is cleared is covered, as is compensation to Harry’s client for the missing and damaged logs and for the costs the client incurred when some of the cargo wasn’t exported in time.
This case study is fictional and does not represent any real-life individuals, events or organisations.
Why choose Marsh for truck and heavy vehicle insurance?
Frequently asked questions
Your Marsh transport and logistics broker can guide you through your risks and options to help you find the right type of insurance and add-ons for your business. Transport businesses and operators should consider insurance to protect their business and assets unless they are in a financial position to self-insure.
Packages we recommend typically include:
- Truck insurance
- Liability package
- Carriers liability
- Associated storage operation (cover for goods which need to be stored temporarily during the transportation process).
The cost of your insurance package depends on what your needs are. There are many different factors at play, including the type of trucks or heavy vehicles you have, the nature and location of your trucking business and even the experience of the drivers operating the vehicles.
Our interest-free monthly payments option means that qualifying fleets can spread the cost of their insurance over the period of the policy.
Truck insurance specifically covers vehicles designed for transporting goods. It typically includes protection for the vehicle itself, liability for damages caused to other parties, and coverage for the goods being transported. On the other hand, commercial vehicle insurance is a broader term that encompasses insurance for various types of vehicles used for business purposes, including vans, cars, and trucks.
Yes, you may need different insurance for different types of trucks, such as logging or freight trucks. Each type of truck is used for specific purposes and may carry specific risks associated with its operation.
For instance, logging trucks often transport heavy and potentially hazardous loads, which may require specialised coverage. Similarly, freight trucks may need insurance that specifically addresses the value and nature of the cargo being transported.
It is important to discuss your specific needs with an insurance broker to ensure you have the appropriate coverage for your specific type of truck and its intended use.
Owner-operators should consider several key insurance factors. Firstly, they need to obtain liability insurance, which is essential for covering damages to other parties in the event of an accident, entering ports and airside. Additionally, they should consider carriers liability insurance to protect the goods they transport, as well as physical damage coverage for their truck to safeguard against theft, vandalism, or accidents.
Moreover, owner-operators should also look into business insurance, which can provide coverage for various aspects of their operations, including equipment, property, and potential business interruptions. Non-trucking liability insurance is another important consideration, as it covers them when they are using their truck for personal purposes.
It is crucial for owner-operators in New Zealand to assess their specific operational risks and consult with an insurance broker who understands the local market. This ensures they have the appropriate coverage for their needs, helping to protect their business and assets effectively.
For high-value truck cargo, it is essential to consider additional insurance coverage to adequately protect against potential risks. Standard carriers liability insurance may not provide sufficient protection for valuable goods, so you should look into declared value insurance options. This type of coverage is designed to address the risks associated with transporting expensive items, such as high value produce, machinery and electronics.
Working with an insurance broker who understands the limits of liability for carriers under the Contract and Commercial Law Act 2017 is crucial. We can arrange a policy that meets your specific needs, so that your customers’ goods are protected throughout the transportation process.
No, as long as you declare the trailer(s) to your broker they can be included in the same policy schedule.
Equipment insurance is important for protecting any tools or machinery that you may transport or use in conjunction with your truck. This coverage can safeguard against damage, theft, or loss of equipment, ensuring that your business operations are not disrupted.
We can help you determine the most adequate approach for insuring your trailers and equipment, ensuring that you have adequate coverage that meets your specific needs and protects your assets effectively.
Related insurance solutions
National Road Carriers Association insurance
Marsh is a proud partner of the National Road Carriers Association. We’ve arranged insurance packages for transport operators all over New Zealand – and all over the world.
Commercial vehicle insurance
Commercial vehicle insurance provides protection for businesses using cars, vans, and light commercial vehicles for daily operations. From single company cars to large business fleets, Marsh offers tailored insurance solutions for the transport industry.
Transport insurance
Different transport operations require different insurance approaches based on their operational risk. Our brokers can help determine the most appropriate insurance solutions for your transport business.
Marsh Limited (NZBN 9429040918792)(“Marsh”) arranges the insurance and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.
LCPA 25/NZ199