Insurance & Risk Management

How fleets can strengthen post-accident response

Accidents are an unavoidable reality in commercial trucking, and how a fleet responds in the immediate aftermath can significantly influence insurance outcomes and legal liability.

FreightWaves sat down with Reliance Partners’ senior VP of sales, Ryan Miller, and director of safety, Daniel Vega, to gain some critical insights into best practices for post-accident response and risk management. 

Ensuring the well-being of all parties is paramount, and safety always comes before concerns about...

https://www.freightwaves.com/news/how-fleets-can-strengthen-post-accident-response

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

Is your fleet ready for CVSA’s 2025 International Roadcheck?

With the year’s largest targeted enforcement program on commercial motor vehicles fast approaching, it’s time for drivers and carriers in North America to start reviewing compliance efforts.

The Commercial Vehicle Safety Alliance’s (CVSA) International Roadcheck is scheduled for May 13-15. This annual 72-hour event spans Canada, Mexico and the United States, focusing on high-visibility, 24-hour inspections and regulatory compliance enforcement for commercial motor vehicles.

This year’s Roadcheck...

https://www.freightwaves.com/news/is-your-fleet-ready-for-cvsas-2025-international-roadcheck

Strategic cargo theft leaves drivers, brokers liable for massive losses

Cargo theft by fraud is a growing freight industry issue and has resulted in a massive increase in cargo loss claims in recent years.

Craig Leinauer, Director of Inland Marine claims at Travelers Insurance, says that strategic theft is an alarming new trend.

While straight theft (the physical taking of the truck and trailer or cargo from where it’s parked) remains the number one method for cargo theft, it’s strategic theft (the use of trickery or deception) that has seen the biggest increases...

https://www.freightwaves.com/news/strategic-cargo-theft-leaves-drivers-brokers-liable-for-massive-losses

Telematics on the rise in trucking insurance underwriting

Trucking insurance premiums have increased roughly 5% year over year across the board for the past few years. Despite carriers’ attempts to reduce premiums, rates are still increasing, mostly due to the fact that trucking insurance market has not been profitable for 10 of the past 11 years.

Some of the main factors causing insurance companies to lose money are the rise in cargo theft and nuclear verdicts, which have pushed insurers to increase premiums, making coverage costs a larger burden for...

https://www.freightwaves.com/news/telematics-on-the-rise-in-trucking-insurance-underwriting

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

There’s no substitute for the right cross-border insurance

In 2023, the U.S.’s top trading partner was Mexico. That trend is continuing well into 2024, with the increased volume resulting in growing pains that have been thrust front and center on both sides of the border.

Some of the common challenges with cross-border freight are visibility, track and trace operations, cargo theft, safety, insurance coverage, and wait times at the border.

According to BSI Consulting, Mexico is now the highest-risk country in the world for cargo truck hijacking. Data...

https://www.freightwaves.com/news/theres-no-substitute-for-the-right-cross-border-insurance

The end of the freight recession and impacts for 2025

On this episode on WHAT THE TRUCK?!?, Dooner sits down with Thom Albrecht, Chief Revenue Officer at Reliance Partners, to break down the possible end of the freight recession and what the trucking market will look like in 2025. 

On a previous episode, Albrecht predicted a March 2025 end of the freight recession and a turning point in the market. Gone would be the days of carriers barely running at a profit and just trying to get by.

In a follow-up interview with Dooner after some new data came...

https://www.freightwaves.com/news/the-end-of-the-freight-recession-and-impacts-for-2025

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

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