Instructions ACORD 137 CA Trailer Interchange
TRAILER INTERCHANGE
The following discussion is taken directly from the JM Wilson Blog.
"The definition of trailer interchange is an agreement among common carriers whereby one trucker will transfer a trailer containing a shipment to a second trucker to transport the trailer to its destination or to a point of interchange with yet another trucker. The arrangement continues until the cargo reaches its destination. The effect of such an arrangement, which must be in writing, is that the trucker will be hauling trailers of others. (Northland Insurance Product News T-27R March 2007)
What this means is that trailer interchange is truly third party liability coverage, not first-party physical damage coverage. Trailer interchange does not provide coverage to the average trucker who may be using a third party trailer while transporting goods."
"The main thing I try to point out to agents is that if no written agreement is in place, then non-owned trailer coverage is what the insured needs. If the situation arises when the shipper is asking for non-owned trailer coverage and they do not have a written agreement in place, the situation can usually be handled by receiving a copy of the contract the insured has with the shipper and working it out with the company."
Thanks to Leon Hilaski for this article.
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| Instructions ACORD 137 CA Trailer Interchange |
COMP / OTC
COMP means comprehensive coverage. Comprehensive insurance provides protection for your vehicle if it is damaged by something other than a collision with a vehicle or object, or if your vehicle is stolen.
OTC means other than collision coverage.
COVERED AUTO SYMBOLS - Look at the very last block in the Truckers Section. On the far left it is titled "COVERED AUTO SYMBOLS.
These correspond to the check boxes in the Liability Section under Covered Auto Symbols. You will check any and all which apply for this policy.
The options are...
48 - Trailers in your possession under a trailer interchange agreement.
49 - Your trailers in the possession of another trucker under a trailer interchange agreement.
# TRAILERS - Enter the maximum number of trailers operated by the insured under a trailer interchange agreement during this policy term.
FARTH ZONE - Farthest Zone where the trailer interchange agreement applies. Remember Zones from the ACORD 127
# DAYS - Enter the number of days during this policy period in which the insured will be pulling trailers under a trailer interchange agreement.
Radius - Enter the actual mileage radius - a number of miles - in which the insured will be pulling trailers under a trailer interchange agreement.
SPECIFIED CAUSES OF LOSS
This is an alternative to comprehensive coverage. Comprehensive coverage is more an All -Risk coverage. Losses are coverage unless specifically excluded. Specified Causes of Loss only covers losses caused by things specifically listed.
COVERED AUTO SYMBOLS - Look at the very last block in the Truckers Section. On the far left it is titled "COVERED AUTO SYMBOLS.
These correspond to the check boxes in the Liability Section under Covered Auto Symbols. You will check any and all which apply for this policy.
The options are...
48 - Trailers in your possession under a trailer interchange agreement.
49 - Your trailers in the possession of another trucker under a trailer interchange agreement.
# TRAILERS - Enter the maximum number of trailers operated by the insured under a trailer interchange agreement during this policy term.
FARTH ZONE - Farthest Zone where the trailer interchange agreement applies. Remember Zones from the ACORD 127
# DAYS - Enter the number of days during this policy period in which the insured will be pulling trailers under a trailer interchange agreement.
Radius - Enter the actual mileage radius - a number of miles - in which the insured will be pulling trailers under a trailer interchange agreement.
COLLISION
Collision insurance provides protection for your vehicle if it is damaged in an accident. Collision insurance pays to repair or replace your vehicle if it collides with another object or overturns or rolls.
COVERED AUTO SYMBOLS - Look at the very last block in the Truckers Section. On the far left it is titled "COVERED AUTO SYMBOLS.
These correspond to the check boxes in the Liability Section under Covered Auto Symbols. You will check any and all which apply for this policy.
The options are...
48 - Trailers in your possession under a trailer interchange agreement.
49 - Your trailers in the possession of another trucker under a trailer interchange agreement.
# TRAILERS - Enter the maximum number of trailers operated by the insured under a trailer interchange agreement during this policy term.
FARTH ZONE - Farthest Zone where the trailer interchange agreement applies. Remember Zones from the ACORD 127
# DAYS - Enter the number of days during this policy period in which the insured will be pulling trailers under a trailer interchange agreement.
Radius - Enter the actual mileage radius - a number of miles - in which the insured will be pulling trailers under a trailer interchange agreement.
WAIVER OF DEDUCTIBLE - check this box if your insured has selected this option.
A collision deductible waiver is a clause added as an option to some auto policies, which already include collision coverage, as a means of protecting the policyholder against under insured drivers.
DEDUCTIBLE - Enter the comprehensive or OTC deductible.
TRAILER VALUE - Enter the value assigned to the trailer in the trailer interchange agreement.
HIRED PHYSICAL DAMAGE
STATES - Enter the state codes - ex: NY for New York - for the states covered by the trailer interchange agreement.
# DAYS - This is used to rate this coverage. Enter the number of days during the policy period units will be pulled under the trailer interchange agreement.
# VEH - number of vehicles. This is also used for pricing this coverage. Enter the number of units which will be pulled under the trailer interchange agreement during this policy period.
COVERAGE IS: - check the box fro Primary or Secondary based on how you are having this policy set up.
PRIMARY - this coverage will pay damages before any other coverage.
SECONDARY - this coverage will pay only after other coverage has been completed used.
OTHER - Enter any other coverage description, Covered Auto Symbols and limits fro coverage provided under this policy.
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