Cargo insurance

Combating freight fraud with certificates of insurance 

Key strategies for combating fraud involve certificates of insurance for supply chain partners. 

In an industry that moves billions of dollars of goods annually, freight fraud has become increasingly concerning for supply chain professionals. Recent data from the Transportation Intermediaries Association (TIA) “State of Fraud in the Industry 2024 Report” sheds light on the alarming trends and impacts of fraudulent activities in the freight sector.

According to the TIA report, “The average gross...

https://www.freightwaves.com/news/combating-freight-fraud-with-certificates-of-insurance

Insurance ratings: What are they and why do they matter?

In an industry where razor-thin margins and high operational costs are the norm, insurance cost and quality can play a pivotal role in determining a company’s financial stability. Even as the market shifts, insurance rates have an outsize impact on carriers.

“Diesel prices are leveling off and spot rates are gradually increasing, but insurance costs continue to be one of the largest expenses for carriers,” said Sandy Scardina, senior vice president of strategic relationships and managing partner...

https://www.freightwaves.com/news/insurance-ratings-what-are-they-and-why-do-they-matter

Insurance based on reported miles per month offers flexibility to carriers

Insurance premiums are one of the top five costs for motor carriers, and carriers’ premiums traditionally are the same every month regardless of how many miles they drive. But that doesn’t have to be the case.

Reporting-style insurance is just that: insurance based on what is reported. Premiums are calculated based on actual usage metrics (e.g., mileage or revenue) rather than estimated or static numbers. This ensures that carriers only pay for the coverage they need, which can be cost-effective...

https://www.freightwaves.com/news/insurance-based-on-reported-miles-per-month-offers-flexibility-to-carriers

What is cargo insurance and why does it matter?

Recent trucking market conditions have made it harder for carriers to turn profits as carrier costs continue to rise, but rates are not following the same trend. Some carriers have had to take freight at a loss to keep trucks running.

When it comes to major expenses for carriers, the top four are fuel costs, truck/trailer lease payments, repair and maintenance, and insurance premiums. According to an American Transportation Research Institute survey that looked at 2023 costs compared to 2022...

https://www.freightwaves.com/news/what-is-cargo-insurance-and-why-does-it-matter

What impacts insurance rates?

On this episode on WHAT THE TRUCK?!? Dooner sits down with Ashley Hammonds, executive vice president and general manager at Reliance Partners to break down some of the current trends in the industry and its impact on insurance rates. 

Hurricane season has almost come to a close. The official end is Nov. 30, however most of the activity for hurricane season happens in September and October. There is little expectation for another hurricane to make landfall in the U.S. for the rest of the year....

https://www.freightwaves.com/news/what-impacts-insurance-rates

Winter weather safety measures to take now

As the days grow shorter and temperatures drop, the challenges faced by truckers on the road increase exponentially. Ensuring that drivers are fully prepared for winter conditions is paramount, and starting in the fall is a good first step.

According to the Federal Highway Administration, “Over 70 percent of the nation’s roads are located in snowy regions, which receive more than five inches of average snowfall annually. Nearly 70% of the U.S. population lives in these snowy regions. Each year,...

https://www.freightwaves.com/news/winter-weather-safety-measures-to-take-now

Christmas in July 

Christmas in July isn’t just for the Hallmark Channel anymore. It’s the beginning of the Tennessee Trucking Association’s annual Haulin’ for the Holidays fundraiser. Haulin’ for the Holidays is a statewide initiative by the Tennessee Trucking Foundation and the Young Professionals Council to partner with TTA members and local charities to make holidays brighter for Tennessee children, teens and families. 

Jessie Merritt, Executive Vice President of Sales at Reliance Partners, joins Dooner on...

https://www.freightwaves.com/news/christmas-in-july

Future-proofing insurance with telematics

Insurance rates are among carriers’ biggest expenses, alongside fuel and maintenance. According to recent analysis from MarketScout, in 2023, the transportation industry was the sector with the largest rate increase: 7.26%. The increase across all industry groups hit 4.56% in the year.

On this episode of WHAT THE TRUCK?!?, Reliance Partners’ Jackson Alexander, executive vice president of sales at Reliance Partners, joins Dooner to break down what is causing rising insurance costs and what some...

https://www.freightwaves.com/news/future-proofing-insurance-with-telematics

Borderless insurance coverage for shippers

Live from the Future of Supply Chain in Atlanta Mark Vickers, executive vice president and head of international logistics at Reliance Partners comes on FWNOW to break down the intricacies of cross border insurance and cargo liability in Mexico. 

When it comes to cargo insurance in Mexico, it’s commonly referred to as the “Wild West,” as there isn’t any standardization like there is in the U.S. and Canada. The Federal Motor Carrier Safety Administration in the U.S. has specific requirements...

https://www.freightwaves.com/news/borderless-insurance-coverage-for-shippers

Strong post-accident procedures help keep insurance costs in check

Motor carriers have three major vehicle-based expenses: vehicles and maintenance, fuel and insurance. A carrier cannot run without covering all three. Unfortunately, freight rates haven’t risen at the same rate as costs. Insurance rates have increased by over 50% in the past decade.

According to the American Transportation Research Institute’s Operational Cost of Trucking report, truck insurance premiums in 2022, the last year of published data, have risen 2.3% since 2021. That increase...

https://www.freightwaves.com/news/strong-post-accident-procedures-help-keep-insurance-costs-in-check

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