Insurance & Risk Management

Double-check cargo policy for exposures and exclusions

The responsibility falls on the truck driver to ensure that each truckload of goods arrives at its destination safely and intact. But accidents do happen; misfortune can strike even the most responsible operators. In the event that a customer’s property is damaged under your authority while in transit, motor truck cargo insurance is designed to cover the resulting liabilities.

No driver should haul without proper cargo coverage. Thankfully, these policies are simple to set up and a variety of...

https://s29755.pcdn.co/news/double-check-cargo-policy-for-exposures-and-exclusions

For new trucking ventures, honesty is the best insurance policy

So you’ve just established a trucking company and are eager to score your first load. You’ve bought a truck and obtained CDL, MC and USDOT numbers. It’s time to start hiring drivers, right? Almost. But don’t forget to hit the road without proper insurance.

The rules of the road apply to all commercial drivers; not a single carrier can outrun the consequences that follow an accident. That is why it’s important that new entrants understand the industry’s risks and equip themselves with the proper...

https://s29755.pcdn.co/news/for-new-trucking-ventures-honesty-is-the-best-insurance-policy

Protect against employment-related lawsuits now

employees

In recent years, lawsuits against motor carriers have not only increased in frequency but also in bite. This should come as no surprise as headlines blaring multi-million dollar settlements have become newsflashes almost weekly. 

Research by the American Transportation Research Institute (ATRI) recently shed light on lawsuits resulting from “nuclear verdicts.” It reported that from 2012 to 2019, there were 265 cases with verdicts over $1 million, representing an increase of 335%. Additionally,...

https://s29755.pcdn.co/news/protect-against-employment-related-lawsuits-now

Is the towing sector too risky to insure?

Tow truck responds to wreck.

Whether it’s a couple of loose wheel bearings, a blown engine, or worse, a serious accident, truckers often feel helpless when their big rig forces them out of the fast lane and onto the side of the road. Thankfully, drivers aren’t stranded for long as fleets of tow truck operators stand by to assist day and night.

Many jurisdictions consider tow trucks to be emergency vehicles. A tower’s role in roadside assistance and post-accident cleanup is critical to keep the roadways clear of idle...

https://www.freightwaves.com/news/is-the-towing-sector-too-risky-to-insure

Excess insurance seemingly unattainable thanks to rising rates

Truck accident

You’d be hard-pressed to find a trucker who doesn’t think bloated insurance rates are an issue. With the rise of “nuclear verdicts” against trucking fleets, the ever-present danger of distracted driving, and legislative pressure to further regulate the industry, it’s no wonder insurance premiums are stuck in the clouds.

For the most part, motor carriers grin and bear it when it comes to purchasing or renewing their insurance policies. However with certain coverages like excess liability, some...

https://s29755.pcdn.co/news/excess-insurance-seemingly-unattainable-thanks-to-rising-rates

Prioritize the health and well-being of your drivers

Since March, the COVID-19 pandemic has forced many companies to operate remotely. The sudden change in work-life balance has been challenging but has also provided peace of mind for concerned workforces. In addition to avoiding rush hour traffic and the 9-5 grind, working remotely has become an attractive alternative for those looking to spare themselves from infection. However, not everyone is afforded this luxury. 

Truck drivers across the country are just as concerned about the coronavirus as...

https://s29755.pcdn.co/news/prioritize-the-health-and-well-being-of-your-drivers

Ensure your independent drivers are covered as well

Debilitating injuries from tractor-trailer wrecks are sadly commonplace for motor carriers nationwide. Despite the best efforts to improve driver safety through rigorous training, the adoption of improved regulations and the implementation of new technologies, accidents still abound.

To make matters worse, payouts for “nuclear verdicts” and other high-dollar lawsuits stemming from commercial truck-related accidents have sharply risen in recent years. New research by the American Transportation...

https://s29755.pcdn.co/news/ensure-your-independent-drivers-are-covered-as-well

Hurricane season heats up – responding to a big one

Believe it or not, hurricane season is well underway, which means it’s time to keep a close eye on the weather. The Atlantic hurricane season started in June and continues through the end of November; this roughly six-month timeframe presents many opportunities for a storm to wreak havoc on economies and entire infrastructures of coastal communities large and small. 

Motor carriers and independent drivers operating within Hurricane Alley need to plan prior to the landfall of a costly storm and...

https://s29755.pcdn.co/news/hurricane-season-heats-up-responding-to-a-big-one

Ensuring a non-owned trailer becomes a non-issue

A truckload of goods will often exchange hands multiple times between its origin and destination. In fact, it’s pretty common for a trailer to be hauled by one driver between points A and B only to be handed off to another to continue the journey to point C and so on. For instance, a truckload originating in Jacksonville bound for Los Angeles may find itself hitched to another truck in Houston for the remainder of the trip.

Through each trailer interchange, responsibility for the trailer and its...

https://www.freightwaves.com/news/ensuring-a-non-owned-trailer-becomes-a-non-issue

To keep or not to keep: What to consider when engine problems arise

Truck heading down a highway.

Truckers often develop a sentimental attachment to their vehicles. Through long night hauls and truck stop naps, rush hour traffic and lonely stretches of road, a driver’s attachment to a truck can be compared to a cowboy’s love for his steed. That is why it can be extremely difficult for a driver to part ways with a years-old truck with engine problems.

But truck owners know that repairs, especially under the hood, aren’t cheap. Plus, engine overhauls and replacements can take well over a week...

https://s29755.pcdn.co/news/to-keep-or-not-to-keep-what-to-consider-when-engine-problems-arise

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