Insurance & Risk Management

Borderless insurance coverage for shippers

Live from the Future of Supply Chain in Atlanta Mark Vickers, executive vice president and head of international logistics at Reliance Partners comes on FWNOW to break down the intricacies of cross border insurance and cargo liability in Mexico. 

When it comes to cargo insurance in Mexico, it’s commonly referred to as the “Wild West,” as there isn’t any standardization like there is in the U.S. and Canada. The Federal Motor Carrier Safety Administration in the U.S. has specific requirements...

https://www.freightwaves.com/news/borderless-insurance-coverage-for-shippers

Strong post-accident procedures help keep insurance costs in check

Motor carriers have three major vehicle-based expenses: vehicles and maintenance, fuel and insurance. A carrier cannot run without covering all three. Unfortunately, freight rates haven’t risen at the same rate as costs. Insurance rates have increased by over 50% in the past decade.

According to the American Transportation Research Institute’s Operational Cost of Trucking report, truck insurance premiums in 2022, the last year of published data, have risen 2.3% since 2021. That increase...

https://www.freightwaves.com/news/strong-post-accident-procedures-help-keep-insurance-costs-in-check

Distracted Driving Awareness Month: How drivers and carriers can be safer

Each year, around 3,000 people in the U.S. die from distracted driving incidents, accounting for close to 10% of all motor vehicle fatalities. Overall, car crashes are the leading cause of death in the U.S. for people ages 1 to 54. For Distracted Driving Awareness Month, FreightWaves’ Timothy Dooner spoke to Chris Hayes, Assistant Vice President for Workers’ Compensation and Transportation at Travelers Risk Control. Hayes said that drivers and businesses alike are growing more concerned with...

https://www.freightwaves.com/news/distracted-driving-awareness-month-how-drivers-and-carriers-can-be-safer

CVSA International Roadcheck just around the corner

Every year the Commercial Vehicle Safety Alliance conducts International Roadcheck. This year, it’s scheduled for May 14-16 across Canada and Mexico as well as the U.S. The program typically has one main focus each year in addition to making sure vehicles are roadworthy. But this year, the CVSA has chosen two focus areas, in addition to a normal inspection: tractor protection systems and alcohol and controlled substances.

On this episode of WHAT THE TRUCK?!?, Mark Barlar, director of DOT...

https://www.freightwaves.com/news/cvsa-international-roadcheck-just-around-the-corner

Reducing accidents through driver training

According to the Federal Motor Carrier Safety Administration, semi-trailers account for 53% of all fatal collisions involving large trucks. As a result of the high number of accidents involving semi-trucks, most insurance companies advise carriers to have drivers take driver safety courses regularly to promote safe driving and keep insurance rates low. 

The top reasons for accidents involving semi-trucks are distracted driving, speeding and driver fatigue. 

Regular driver training not only...

https://www.freightwaves.com/news/reducing-accidents-through-driver-training

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

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