Insurance & Risk Management

Thinking about expanding your fleet?

The blistering summer heat is starting to taper off as we approach the start of fall. But while temperatures have started to decrease, freight rates in the trucking sector continue to heat up.

According to Truckstop.com analytics, the average national rates for dry van and reefer truckloads have steadily risen since May, reaching the highest levels since 2018. Similarly, SONAR’s U.S. Outbound Tender Rejection Index illustrates the market’s tightness by showing freight rejections climbing steeply...

https://s29755.pcdn.co/news/thinking-about-expanding-your-fleet

Squelch high CSA scores to broaden your insurance options

Sometimes it’s best not to be in the upper percentile. That is certainly the case for Compliance, Safety, Accountability (CSA) BASICs scores. Not only do the Federal Motor Carrier Safety Administration (FMCSA) and curious shippers regularly view this information, but these scores also play a major role in determining whether or not a motor carrier or owner-operator will be classified as a high risk to insurers.

Insurance rates are on the rise thanks to factors such as distracted driving and...

https://s29755.pcdn.co/news/squelch-high-csa-scores-to-broaden-your-insurance-options

Truckers aid in Laura relief despite market tightness

In the days leading up to Hurricane Laura’s landfall, Louisianans and Texans along the Gulf Coast made their way North to escape the storm’s wrath. Despite evacuations, fleets of commercial truckers came the opposite direction to deal with Laura’s aftermath.

Hurricanes and tropical storms present big business for freight. The destruction wrought by a powerful storm spurs major retailers as well as state and Federal agencies, such as the Federal Emergency Management Agency (FEMA) to rapid...

https://s29755.pcdn.co/news/truckers-aid-in-laura-relief-despite-market-tightness

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

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