Insurance & Risk Management

Analyzing the response to COVID-19 and the importance of contingency planning

Entering 2020, the possibility of a pandemic seemed unfathomable. If companies thought about such a crisis at all, it was a “what-if” scenario. But “what-if” quickly became “what now?”

There’s no shame in a company admitting it was blindsided by COVID-19; in fact, most probably found themselves unprepared. However, as the pandemic approaches the six-month mark, trucking companies and logistics providers should reflect on their response to the crisis and ask whether they could have acted sooner,...

https://s29755.pcdn.co/news/analyzing-the-response-to-covid-19-and-the-importance-of-contingency-planning

The identity crisis of a non-rated motor carrier

Motor carrier safety ratings are a big deal, and they should be. Safety has become the industry’s top concern as compensatory payments and increased insurance premiums stemming from accidents have increased annually. With that being said, it’s understandable for a shipper to preferably contract with the highest-rated carriers.

Safety ratings, however, don’t often paint an accurate picture of the current performance of a company. Worse, obtaining a satisfactory rating has become an almost...

https://s29755.pcdn.co/news/the-identity-crisis-of-a-non-rated-motor-carrier

In the market for a used truck or trailer?

Those in the market to buy their own truck or trailer often face a binary choice – new or used. It’s a question as old as the highways itself and one that permeates the minds of forward-thinking truckers. 

Purchasing a truck fresh off the assembly line has its perks but can be expensive. On the other hand, used trucks lack certain elements of performance and safety but are considerably cheaper. While there are arguably many reasons to lean either way, one should be mindful of insurance costs...

https://www.freightwaves.com/news/in-the-market-for-a-used-truck-or-trailer

Auto haulers may soon be on the upswing

COVID-19 has thrown a wrench in the works of most supply chains, especially that of automobile manufacturing, which saw U.S. and Mexican plants close in the wake of the pandemic. The sudden shutdown in automobiles leaving the factories, compounded by a decrease in consumer demand for cars has left many auto haulers in a precarious situation. 

Things may be looking up, however, as automobile manufacturers across America including Detroit’s “Big Three” (Chrysler, Ford, General Motors) restart...

https://s29755.pcdn.co/news/auto-haulers-may-soon-be-on-the-upswing

Prioritize mitigating credit risk, especially during economic uncertainty

Freight brokers and commercial fleets process hundreds if not thousands of shipments daily. In an industry characterized by a huge amount of transactions, risk must consistently be weighed against reward. While most transportation companies diligently assess the profitability of each load before inking the deal, even the most thorough risk management practices cannot mitigate each and every risk.

Many companies fall victim to the ever-present threat of late payments and payment defaults. These...

https://www.freightwaves.com/news/prioritize-mitigating-credit-risk-especially-during-economic-uncertainty

It’s only a matter of time before your business will suffer a cyber-attack

The emergence of freight-tech has transformed the transportation and logistics landscape. Everything from freight matching platforms to electronic logging devices (ELDs), transportation management systems (TMS) to driver check-in processes have “gone digital” in recent years. 

Paper documentation and physical transactions are becoming increasingly less prevalent in an industry reliant upon reliable systems of record-keeping. 

The idea of ditching the filing cabinet for a cloud-based solution to...

https://s29755.pcdn.co/news/its-only-a-matter-of-time-before-your-business-will-suffer-a-cyber-attack

Before hitching that reefer trailer, make sure to choose the right coverage to avoid insurance meltdowns

The COVID-19 pandemic has affected all sectors of trucking, but some more than others. Facing almost complete industry shutdowns, drivers in oil, gas and automobile manufacturing have explored other more profitable truckload sectors.

One such sector that has seen relative stability throughout the pandemic is refrigerated (reefer) trucking. The steady capacity of grocery products deemed essential, medical supplies, and even the coming produce season has sustained reefer trucking’s profitability.

Wh...

https://www.freightwaves.com/news/before-hitching-that-reefer-trailer-make-sure-to-choose-the-right-coverage-to-avoid-insurance-meltdowns

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