Cargo Insurance: It is not mandatory, but your liability as a carrier is.

According to information published by TurboSeguros on its blog about Truck Insurance, although taking out Cargo Insurance is not legally mandatory, in practice it can be an indispensable condition for a carrier to operate. The fundamental reason is found in Law 15/2009, on the Land Transport of Goods Contract, which in its Article 47 establishes that the carrier is responsible for the loss, damage, or delay of the cargo from the moment it is received until it is delivered. This legal liability, which even includes damages for delay, falls directly on the truck driver, making it essential to have protection that covers these eventualities.

The law, while obliging the carrier to be liable, also establishes maximum compensation limits in their favor. As detailed in Article 57 of Law 15/2009, in national transport, compensation for loss or damage does not exceed approximately 6 euros per kilogram, a calculation based on the IPREM (Public Indicator of Multiple Effect Income). For delay, the maximum compensation cannot exceed the price of the transport. The problem, as TurboSeguros points out, is that these legal amounts rarely cover the real value of high-value goods, leaving the end customer unprotected and, consequently, demanding that the carrier take out insurance to cover this gap.

Precisely, this disparity between the legal compensation and the real value of the cargo is one of the most powerful reasons to take out Cargo Insurance. Many shippers, aware of this limit, include in their contracts the obligation for the carrier to take out a policy that covers the full value of the goods. Therefore, as the source explains, not having this insurance can directly mean the loss of clients and contracts, transforming voluntary coverage into a de facto commercial requirement to be competitive and generate trust.

The purchase of this insurance is flexible and can be taken out by the carrier themselves, by the owner of the goods, or even by an intermediary. According to TurboSeguros, policies can be adapted to different needs, from annual insurance calculated based on the company’s turnover, to single-trip policies for a specific job. Furthermore, there are specific coverages such as LOTT/LCTTM Insurance for national transport, which covers the legal liability of approximately 6 euros/kg, or CMR Insurance for international transport, which increases the coverage to about 10 euros/kg, following the international convention.

In conclusion, Cargo Insurance stands as a “necessary but not obligatory” policy. The legal liability that Law 15/2009 imposes on the carrier, combined with the clients’ demands for real protection for the value of their cargo, make it an almost essential element for any transport business. As TurboSeguros recommends, the most prudent course is to seek specialized advice to contract a tailor-made policy, which protects both the carrier’s business from substantial compensation claims and the relationship with their clients.