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Advanced safety systems
Better safety systems could help fleets avoid nuclear verdicts
Within the trucking industry, legal battles over road accidents are nothing new. However, verdicts in trucking accidents have steadily become more costly, partly due to the legal environment that incentivizes lawsuits. This has led to the nuclear verdicts of today in which a jury awards over $10 million in compensation, crippling many fleets and forcing several to bankruptcy.
In a report, the American Transportation Research Institute (ATRI) observed that while the average size of verdicts was...
https://www.freightwaves.com/news/better-safety-systems-could-help-fleets-avoid-nuclear-verdicts
The Moneyball effect: Controlling out-of-control insurance premiums
One large trucking company recently renewed its insurance coverage at a lower cost than it paid in 2019.
In 2020, that statement is as implausible as it gets when it comes to trucking insurance, but a participant during one session of the recent Truckload Carriers Association’s Virtual Safety & Security meeting promised this did happen.
“[For] well-run motor carriers that are doing it right, there will be a competitive market,” Chris Mikolay, vice president of national accounts for underwriter...
https://s29755.pcdn.co/news/the-moneyball-effect-controlling-out-of-control-insurance-premiums