Every truck driver is familiar with the principle of inventorying cargo control supplies in advance of rougher winter weather. You need to know what you have so you know what to buy to be ready for the coming wind, snow, and sleet of winter. Yet the stormy summer of 2017 has been a reminder that there is another important reason to inventory your cargo control equipment and supplies: insurance claims.
Whether you are an owner-operator or work for a carrier, cargo control equipment and supplies are considered part of the business to which they belong. As such, any losses relating to things like tarps and toolboxes are subject to insurance claims.
The problem is that you cannot claim what you do not know you have. Furthermore, you can only make claims based on events and subsequent damage as outlined in your policy. You may have pieces in your inventory that are already suffering from minor wear or damage; they may not be eligible for an insurance claim should that wear or damage lead to a catastrophic failure during a storm.
Know Exactly What You Have
The one side of the insurance inventory coin dictates that you need to know exactly what you have on board at any given time. So, create a running inventory of everything you own. We are talking tarps, ratchet straps, ratchets and binders, corner and edge protectors, bungee straps, blocks, chains, and everything else you use for cargo control.
Where tarps are concerned, it is important to distinguish exactly what kinds of tarps you have. You may have a variety that includes steel, lumber, and smoke tarps. You may have a larger number of machinery tarps than anything else; that would be noted in your inventory.
Binders are another item that you may possess in different variations. Be sure to detail every binder in your box according to type. And while you’re at it, make sure to inventory your hand tools as well. They can be claimed if they are lost in an accident or storm.
Know the Condition of Each Item
Taking inventory for the purpose of determining the condition of your cargo control supplies is important for a couple of reasons. First is the issue explained earlier in this post: you may not be able to claim a piece of equipment that was already showing signs of wear or damage prior to the incident in question. In fact, if the failure of such a piece of equipment contributed to a loss of cargo, that cargo may not be fully covered either.
The second reason condition is important has to do with the kind of insurance coverage you have. Your policy might offer to pay the replacement value of lost cargo control supplies, or it may pay the actual value. Replacement value is the amount of money it would take to replace an item at its current retail price. Actual value is the is real value of an item based on its age, condition, etc.
Actual value dictates that things like tarps and ratchet straps are worth less over time. That is not necessarily good or bad, but it is further motivation to make sure all your cargo control supplies are in good working condition.
While you are conducting an inventory, you may discover that you are short on one or two items. We have you covered here at Mytee Products. You will find everything you need for safe and efficient cargo control in our online store.
