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Owner Operator Insurance

    At Joe Morten & Son we can protect your rig, your cargo, and your trucking business. 

    We understand that as an owner-operator truck driver, you have a small business to manage — securing loads, managing expenses, scheduling, and more — not to mention hauling freight each day as a motor carrier operator. Having the right commercial truck insurance ensures you can protect the livelihood that you have built.

    At Joe Morten & Son, we customize your owner-operator insurance depending on whether you operate as a motor carrier under your own authority or under lease to a motor carrier, as well as the other unique nuances of how you run your trucking business.

    We match owner-operators with the right type of insurance coverage to protect your livelihood. Whether you’re under permanent lease to a motor carrier or operating under your own authority, we can help you select the best trucking insurance options you need to protect how you run your business.

    COVERAGE OPTIONS FOR OWNER OPERATORS

    Cargo Insurance Coverage

    Commercial vehicle Cargo Insurance (sometimes called Freight, Transport or Shipping Insurance) protects you against the loss of freight.

    Truck Cargo Insurance covers the freight (or commodity) you’re hauling as a for-hire trucker. It protects you against liability for cargo that is lost or damaged due to fire, collision, theft, reefer breakdown, something hitting your load, etc. Our policies are some of the best in the industry, and they’re backed by our fast and efficient claim service. And if you were to have a claim, our unique claims-handling process helps us to minimize your loss because we make recovery and salvage of your cargo our priority.

    WE ALSO OFFER THESE OPTIONAL ADDITIONS:
    • Hired Auto Cargo Coverage 
    • Infidelity & Dishonesty Coverage 
    Choice Coverage® Plus

    We’ve wrapped all the trucking insurance coverage you need into one great package called Choice Coverage® Plus. It’s the perfect insurance for owner-operators with one to four units.

    Cost: $20 per power unit, per month

    A Choice Coverage® Plus Bundle Includes:

    • Diminishing Deductible
      For every year you operate a safe and loss-free business, we reduce your deductible. For each consecutive annual policy period that you don’t have a paid comprehensive, specified perils, collision, or cargo loss, up to $1,000 of your deductible will be reduced by:
      • < 1 loss-free policy = 0% deductible reduction
      • 1 loss-free policy = 25% deductible reduction
      • 2 loss-free policies = 50% deductible reduction
      • 3 loss-free policies = 75% deductible reduction
      • 4 + loss-free policies = 100% deductible reduction

    *If any physical damage or cargo loss is paid, the deductible will not be reduced on any subsequent loss, and the deductible reduction will revert back to 0% if coverage is renewed.

    • Electronic Equipment Coverage**
      • We include the electronic equipment inside or attached to a covered truck, including electronic items normally not covered, such as computers, fax machines, satellite systems, and more.
      • Limited to $2,500 per loss; $250 deductible.
    • Personal Property Coverage**
      • Includes loss to personal property owned by you while inside a covered truck.
      • Limited to a per-loss maximum of $2,500 (certain losses are not covered); $250 deductible.
    • Miscellaneous Equipment Coverage**
      • Covers binders, tarps, tie-downs, chains, and other equipment used to secure cargo on trailers not owned by you.
      • Limited to $500 per loss; $100 deductible.
    • Mechanical Breakdown – Towing Coverage
      • Includes towing and/or roadside labor to a covered truck disabled due to mechanical breakdown.
      • Limited to $5,000 for towing to any facility you choose, $500 less the deductible for any labor performed on a covered truck at the place of disablement (subject to a per-loss deductible of $250.)
    • Rental Reimbursement Coverage
      • Covers the cost of renting replacement tractors, trucks, and trailers when a covered breakdown happens.
      • Limited to $200 per day with a $1,000 maximum.
    • Emergency Expenses Coverage
      • Covers emergency expenses related to a mechanical breakdown, including lodging, meals, vehicle rental, and more.
      • Limited to $100 per day with a $500 maximum.

    **Coverage is excess over any other insurance coverage available for the same loss.

    Equipment Coverage

    This endorsement covers equipment that is not typically insured under a Physical Damage Insurance Policy.

    • Miscellaneous Equipment Coverage
      • Provides full comprehensive and collision coverage for binders, tarps, tie-downs, chains and other equipment you use to secure cargo on a trailer you don’t own. (This equipment is typically only covered for the trailer’s owner under the trailer’s physical damage policy.)
      • Owner-operators that use a flatbed or specialized equipment will benefit from this coverage, as well as other situations, like a carrier using a customer’s trailer, where you need additional protection.
      • Subject to a $100 deductible (regardless of any other tractor deductible.)
    • Electronic Equipment Coverage

    Did you know that your Physical Damage Policy does not cover most electronic equipment unless it is factory installed at the time of assembly?

      • An Electronic Equipment Coverage endorsement extends a covered truck’s Physical Damage Policy to include certain electronic equipment items not automatically covered in the policy, like computer systems, electronic logging devices (ELDs), fax machines, satellite communication or tracking systems, video camera monitoring systems, collision prevention systems, cellular phones, two-way mobile radios or scanning monitor receivers. (Equipment must be permanently installed in order to be covered.)
      • Subject to a $250 deductible per loss, and no other policy deductibles apply to this coverage.

    Tapes, CDs, and DVDs are also not covered by your Physical Damage Policy.

      • You can buy this coverage with a $200 limit and no deductible for a small premium.
    Lease Value & Finance Value Coverage

    Did you know that during the first half of a five-year lease or loan, your payoff is usually higher than the actual cash value (ACV) of your tractor, trailer, or truck? Insurance policies are typically only obligated to pay the actual cash value amount, and any difference is your personal obligation.

    To help you bridge that financial gap, we offer Lease Value & Finance Value Coverage to help in the event of a total loss covered by your policy. The coverage will respond when the cost to pay off your lease or loan exceeds your tractor, trailer or truck’s actual cash value.

    Features:

    • You don’t need to pay for “blanket” coverage on all your tractors, trailers, or trucks, just the ones that need coverage.
    • Claim payment is made within 30 days for a covered loss (60 days for theft), or we will pay for the additional payments or interest your lease or loan generates after the 30th day (60th day for theft.)

    This Coverage Doesn’t Apply To:

    • Overdue lease or loan payments or penalties due at time of loss.
    • Financial penalties imposed for excessive use, abnormal wear and tear or high mileage.
    • Security deposits.
    • Cost for extended warranties (such as credit life.)
    • Carry-over balances from previous leases/loans.
    Motor Carrier Reimbursement Coverage

    Motor Carrier Reimbursement Coverage is designed to reimburse an owner-operator for property damage deductibles that you’re contractually required to pay a motor carrier. The deductible requirement must be part of your written lease agreement, and it does not apply to your property.

    You Can Choose from Any, or All, of These Coverages:

    • Auto Property Damage Liability
    • Physical Damage to The Lessee’s Trailer
    • Cargo Insurance Coverage

    You must pay the first $100 of a covered loss. Other retention amounts are available.

    Non-Trucking Use (NTU) Liability Coverage

    This is liability coverage designed to protect independent truckers when you’re not working under lease to a motor carrier, under the dispatch of a carrier or carrying property in any business. It’s ideal for you if you’re an owner-operator who leases equipment on a long-term basis to motor carriers.

    Why It’s Important

    In most lease agreements, the motor carrier is only responsible when you’re operating on their behalf or within their business. But, let’s say you take your tractor to pick up some groceries and you’re involved in an accident. This insurance would kick in to cover any bodily injury and property damage you cause.

    Note that Non-Trucking Use Liability Coverage excludes any use other than when hauling for the motor carrier. This means, for example, that it would not cover you if you were helping a friend move his or her business.

    These Options Are Also Available:

    • Auto Medical Payments
    • Uninsured or Underinsured Motorist Coverage
    • Personal Injury Protection (where state-mandated)
    • Physical Damage Coverage 
    Physical Damage Coverage

    Our Physical Damage Insurance helps you with the cost of getting your equipment repaired to get you back on the road.

    Our Physical Damage Insurance Policy offers various deductibles, self-insured retentions, location-specific catastrophic coverage and other flexible options. Plus, our years of experience in the trucking industry means we have established long-term relationships with reputable repair facilities, towing companies and parts suppliers, which means your equipment will get the attention it deserves no matter where you are.

    PHYSICAL DAMAGE COVERAGE OPTIONS
    • Choice Coverage® Plus
    • Comprehensive Coverage
    • Downtime Coverage
    • Equipment Coverage
    • Lease Value & Finance Value Coverage
    • Hired Auto Physical Damage Coverage
    • Physical Damage Location Coverage
    • Rental Reimbursement Coverage
    • Trailer Interchange Coverage