Insurance & Risk Management

Winter weather safety measures to take now

As the days grow shorter and temperatures drop, the challenges faced by truckers on the road increase exponentially. Ensuring that drivers are fully prepared for winter conditions is paramount, and starting in the fall is a good first step.

According to the Federal Highway Administration, “Over 70 percent of the nation’s roads are located in snowy regions, which receive more than five inches of average snowfall annually. Nearly 70% of the U.S. population lives in these snowy regions. Each year,...

https://www.freightwaves.com/news/winter-weather-safety-measures-to-take-now

Breaking down new CDL regulations from the Drug & Alcohol Clearinghouse

The Federal Motor Carrier Safety Administration proposed a rule back on April 28, 2020, titled “Controlled Substances and Alcohol Testing: State Driver’s Licensing Agency Non-Issuance/Downgrade of Commercial Driver’s License.”

Now approved, the rule is scheduled to take effect Nov. 18. It prohibits state driver licensing agencies from issuing, renewing, transferring or upgrading a CDL or commercial learner’s permit (CLP) for any driver banned from operating a commercial motor vehicle.

Essentially...

https://www.freightwaves.com/news/breaking-down-new-cdl-regulations-from-the-drug-alcohol-clearinghouse

Solving the freight industry’s underinsurance crisis

Freight insurance is a 300-year-old industry that has often been slow to evolve. This is particularly evident in today’s rapidly changing digital landscape, where proper protection has not kept pace with the technological and sociological changes of the 21st century supply chain.

With more than 60% of freight under- or uninsured, the underinsurance crisis is a symptom of the fact that standard insurance practices cannot adequately protect stakeholders in the demanding environment of modern...

https://www.freightwaves.com/news/solving-the-freight-industrys-underinsurance-crisis

Carrier verification key to fighting freight fraud

Freight fraud in the logistics space is growing rapidly. Cargo theft surged 86% year over year in the fourth quarter of 2023, according to Cargo Net. 2024 is anticipated to have record-high thefts. The schemes range everywhere from tractors picking up shipments and vanishing without a trace to thieves breaking into trailers and more. 

The problem is only getting worse, and it leaves shippers to mitigate risk themselves to combat losses. Some 3PL insurance markets aren’t covering clients’ risk...

https://www.freightwaves.com/news/carrier-verification-key-to-fighting-freight-fraud

Navigating market uncertainty in 2024

Freight is cyclical at its core. There are good years and bad years and market corrections. Sometimes market corrections last a lot longer than they should, which is what the freight market is experiencing right now.

On this episode of WHAT THE TRUCK?!?, Reliance Partners Chief Revenue Officer Thom Albrecht joins host Dooner to break down the future of freight markets and when they think the market will finish its correction and return to equilibrium.

Albrecht says: “Since the Fourth of July...

https://www.freightwaves.com/news/navigating-market-uncertainty-in-2024

Driver hiring standards key to keeping down insurance costs

In tight freight markets, it can be challenging for motor carriers to maintain high safety standards while ensuring their companies are staffed appropriately. Trucking companies must carefully balance the need to fill vacant positions with hiring qualified, responsible drivers. Those hiring decisions can affect a carrier’s insurance rates. 

Currently the only requirement the Federal Motor Carrier Safety Administration has for truck drivers is that they must have a CDL Class A license. The most...

https://www.freightwaves.com/news/driver-hiring-standards-key-to-keeping-down-insurance-costs

The power of Group captive insurance plans for trucking companies

The trucking industry faces countless risks and challenges, from accidents and cargo damage to rising insurance premiums. As traditional insurance costs continue to climb, many trucking companies are exploring alternative risk management strategies. One increasingly popular option is group captive insurance, a self-insurance model that can offer greater control, cost savings and customized coverage.

What is a captive insurer? It is an insurance company “that is wholly owned and controlled by its...

https://www.freightwaves.com/news/the-power-of-group-captive-insurance-plans-for-trucking-companies

 A unified approach to improving cross-border operations

The rise of nearshoring has increased cross-border freight volumes between the U.S. and Mexico. In May, for the fifth consecutive month, Mexico was the top U.S. trade partner at $73 billion. In fact, 15 of the past 16 months, Mexico has been No. 1 in trade with the U.S.

But that growth has exposed inefficiencies in cross-border trade. 

On this episode of WHAT THE TRUCK?!?, Mark Vickers, executive vice president and head of international logistics at Reliance Partners, breaks down Reliance...

https://www.freightwaves.com/news/a-unified-approach-to-improving-cross-border-operations

Christmas in July 

Christmas in July isn’t just for the Hallmark Channel anymore. It’s the beginning of the Tennessee Trucking Association’s annual Haulin’ for the Holidays fundraiser. Haulin’ for the Holidays is a statewide initiative by the Tennessee Trucking Foundation and the Young Professionals Council to partner with TTA members and local charities to make holidays brighter for Tennessee children, teens and families. 

Jessie Merritt, Executive Vice President of Sales at Reliance Partners, joins Dooner on...

https://www.freightwaves.com/news/christmas-in-july

Future-proofing insurance with telematics

Insurance rates are among carriers’ biggest expenses, alongside fuel and maintenance. According to recent analysis from MarketScout, in 2023, the transportation industry was the sector with the largest rate increase: 7.26%. The increase across all industry groups hit 4.56% in the year.

On this episode of WHAT THE TRUCK?!?, Reliance Partners’ Jackson Alexander, executive vice president of sales at Reliance Partners, joins Dooner to break down what is causing rising insurance costs and what some...

https://www.freightwaves.com/news/future-proofing-insurance-with-telematics

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