Insurance & Risk Management

Why LTL shippers need additional insurance coverage

Claims are a common source of frustration for most regular less-than-truckload shippers. Due to LTL carrier limitations and exclusions, shippers with damaged cargo often recover from $5 per pound down to as little as 10 cents per pound and are left without any viable avenue to recoup their losses.  

The nature of LTL makes preventing cargo damage difficult. Shipments are touched and transferred between trailers via forklift often, creating the potential for mishaps at every turn. 

“[Shippers]...

https://www.freightwaves.com/news/why-ltl-shippers-need-additional-insurance-coverage

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

B-1 drivers offer unique value proposition for cross-border carriers

Freight movements between the U.S. and Mexico continue to grow, and ongoing nearshoring efforts show no signs of slowing. As more goods move across the border, conversations between carriers and insurance providers regarding B-1 truck drivers from Mexico are happening more frequently.

While B-1 truck drivers from Mexico are able to enter the U.S. to complete deliveries, cabotage laws greatly restrict their movements and activities within the country.

When moving freight between Mexico and the...

https://www.freightwaves.com/news/b-1-drivers-offer-unique-value-proposition-for-cross-border-carriers

Georgia bill would restrict truck-crash lawsuits against insurers

A bipartisan measure that would largely protect insurers from being sued directly after crashes involving trucks is on its way to Georgia Gov. Brian Kemp for his signature or veto.

The state House of Representatives passed the bill 172-0 on Monday after the legislation passed in the Senate by a vote of 46-2. Backers say that no longer permitting direct lawsuits against insurers would expand the beleaguered insurance market for trucking companies and lower premiums, media outlets reported.

Insuranc...

https://www.freightwaves.com/news/georgia-bill-would-restrict-truck-crash-lawsuits-against-insurers

Seatbelt use can now be used as evidencein accident lawsuits in Indiana

Gov. Eric Holcomb of Indiana on Monday signed into law a bill that allows a plaintiff’s failure to use a seatbelt to be introduced as evidence in vehicle accident lawsuits. The bill permits juries to reduce damage awards based on that information.

House Bill 1090 has drawn praise from Chris Spear, president and CEO of the American Trucking Associations. After legislators passed the bill in February, Spear said the existing law forbidding seatbelt use as evidence leaves jurors with incomplete...

https://www.freightwaves.com/news/seatbelt-use-can-now-be-used-as-evidencein-accident-lawsuits-in-indiana

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

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.