Cargo insurance

CVSA International Roadcheck just around the corner

Every year the Commercial Vehicle Safety Alliance conducts International Roadcheck. This year, it’s scheduled for May 14-16 across Canada and Mexico as well as the U.S. The program typically has one main focus each year in addition to making sure vehicles are roadworthy. But this year, the CVSA has chosen two focus areas, in addition to a normal inspection: tractor protection systems and alcohol and controlled substances.

On this episode of WHAT THE TRUCK?!?, Mark Barlar, director of DOT...

https://www.freightwaves.com/news/cvsa-international-roadcheck-just-around-the-corner

The importance of post-accident procedures in the supply chain

Getting into an accident is never on the to-do list, but it happens – a lot. On average, a truck crash occurs in the U.S. every 15 minutes. As summer weather rolls around and more passenger cars are on the road, the risk of a driver getting into an accident increases drastically. Drivers who know what to do in the event of an accident can make all the difference. 

There are a few key steps to follow once an accident occurs. The first and foremost is to contact local authorities, request...

https://www.freightwaves.com/news/the-importance-of-post-accident-procedures-in-the-supply-chain

Managing insurance costs for growing operations

In an environment where rates are so low that carriers are struggling to turn a profit, cost-cutting measures are vital. Only not every cost should be cut. Insurance, while one of the higher costs for motor carriers and freight brokers, is the one thing that can protect a company from massive loss. Jessie Merritt, Reliance Partners’ executive vice president of sales, was on a recent episode of WHAT THE Truck?!? to break down the importance of insurance and knowing what is covered under a...

https://www.freightwaves.com/news/managing-insurance-costs-for-growing-operations

Why do insurance rates vary by state?

Insurance is one of the top expenses for a carrier, behind fuel and maintenance. Premiums for each carrier vary wildly based on a number of factors, such as years of experience, average cost of goods hauled, driving record, etc. One of the factors carriers can’t control is insurance rates that are based on the state where they are domiciled.

Carrier insurance is regulated at the state level. The Federal Motor Carrier Safety Administration requires that all carriers have liability insurance, and...

https://www.freightwaves.com/news/why-do-insurance-rates-vary-by-state

New Jersey law disrupts carrier insurance market

The top three carrier expenses are fuel, maintenance and insurance – things that are crucial to the success of a trucking company but that have seen a drastic uptick in cost the past few years. A new law in New Jersey stands to dramatically increase the insurance cost for carriers. Joe Schreiner, Reliance Partners’ executive vice president of sales, was on a recent episode of WHAT THE TRUCK?!? to break down the implications of the law and its long-term impact on the industry.

“For the...

https://www.freightwaves.com/news/new-jersey-law-disrupts-carrier-insurance-market

How brokers can avoid cargo coverage ‘gotcha’ situations

Insurance has been a hot topic across the trucking industry over the past several years. Most often, however, insurance talks revolve around motor carriers and truck drivers. Freight brokers have largely been left out of the conversation.

Broker liability is often a gray area. In fact, multiple related cases have recently caught the attention of the Supreme Court. While the question of liability is seldom cut and dried, brokers and 3PLs are often held responsible for lost or damaged cargo. In...

https://www.freightwaves.com/news/how-brokers-can-avoid-cargo-coverage-gotcha-situations

Understanding the underwriter: How a proactive approach to insurance renewals can save you money

Insurance has been a sore subject across the trucking industry over the past few years. Many companies have struggled with increasing rates – due in large part to the rise in nuclear verdicts – while simultaneously trudging through the ongoing freight recession. 

As fleets continue to navigate this cash-strapped environment, it is important for them to take a proactive approach to insurance renewals. With the right approach, and a good insurance agent, it is often possible to save on rates...

https://www.freightwaves.com/news/understanding-the-underwriter-how-a-proactive-approach-to-insurance-renewals-can-save-you-money

Mastering cargo securement: Tips to prevent violations and ensure road safety

Severe weather, rough and steep roads, and congestion are just a few of the countless factors that can contribute to cargo becoming dislodged or shifting mid transit. Proper cargo securement is a must to protect freight, prevent claims and most importantly, keep drivers and the public safe.

While not all cargo securement violations are out-of-service violations, cargo securement violations were the fourth most common type of violation during the Commercial Vehicle Safety Alliance’s (CVSA’s) 202...

https://www.freightwaves.com/news/mastering-cargo-securement-tips-to-prevent-violations-and-ensure-road-safety

Per-load shipper’s interest insurance now available in McLeod TMS

Booking per-load insurance has historically been time-consuming and frustrating for motor carriers and freight brokers, who are forced to accept cumbersome processes, or expose businesses to risk with inadequate coverage.

Thanks to a new integration between freight insurance specialists Reliance Partners, insurtech pioneers Loadsure and TMS provider McLeod Software, the process has become quick, simple and frictionless. Asset-based motor carriers and freight brokers are now able to obtain...

https://www.freightwaves.com/news/per-load-shippers-interest-insurance-now-available-in-mcleod-tms

IUMI: Marine insurance premiums hit $35.8 billion in 2022

Marine insurance premiums across all categories rose to $35.8 billion in 2022 — and the general trend is upwards. Those were two of the facts that emerged today when the International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its annual conference in Edinburgh, Scotland.

All lines of business reported an uplift in their global premium base for 2022 with the total reaching $35.8 billion, representing an 8.3% increase on the previous...

https://www.marinelog.com/legal/safety-and-security/iumi-marine-insurance-premiums-hit-35-8-billion-in-2022/

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