Reliance Partners

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

Why do insurance rates vary by state?

Insurance is one of the top expenses for a carrier, behind fuel and maintenance. Premiums for each carrier vary wildly based on a number of factors, such as years of experience, average cost of goods hauled, driving record, etc. One of the factors carriers can’t control is insurance rates that are based on the state where they are domiciled.

Carrier insurance is regulated at the state level. The Federal Motor Carrier Safety Administration requires that all carriers have liability insurance, and...

https://www.freightwaves.com/news/why-do-insurance-rates-vary-by-state

New Jersey law disrupts carrier insurance market

The top three carrier expenses are fuel, maintenance and insurance – things that are crucial to the success of a trucking company but that have seen a drastic uptick in cost the past few years. A new law in New Jersey stands to dramatically increase the insurance cost for carriers. Joe Schreiner, Reliance Partners’ executive vice president of sales, was on a recent episode of WHAT THE TRUCK?!? to break down the implications of the law and its long-term impact on the industry.

“For the...

https://www.freightwaves.com/news/new-jersey-law-disrupts-carrier-insurance-market

New Jersey hikes truck insurance minimum to $1.5M, higher than most states

A recent change in New Jersey law requires a significant increase in the amount of coverage a large commercial vehicle must carry, raising the requirement to $1.5 million. 

While some state legislators have been pursuing the change for several years, the final bill was approved last month and signed by New Jersey Gov. Phil Murphy.

Backers of the law declined to answer several questions emailed by FreightWaves regarding the specifics of the law. Various websites tied to insurance companies have...

https://www.freightwaves.com/news/new-jersey-hikes-truck-insurance-minimum-to-1-5m-higher-than-most-states

Understanding the underwriter: How a proactive approach to insurance renewals can save you money

Insurance has been a sore subject across the trucking industry over the past few years. Many companies have struggled with increasing rates – due in large part to the rise in nuclear verdicts – while simultaneously trudging through the ongoing freight recession. 

As fleets continue to navigate this cash-strapped environment, it is important for them to take a proactive approach to insurance renewals. With the right approach, and a good insurance agent, it is often possible to save on rates...

https://www.freightwaves.com/news/understanding-the-underwriter-how-a-proactive-approach-to-insurance-renewals-can-save-you-money

Truck hijackings on the rise in Mexico

Cargo theft has been dominating headlines in recent months. As a result, logistics leaders have increased their focus on the growing prevalence of strategic theft incidents. Rampant – and often overlooked – hijacking across Mexico are another key piece of the North American cargo fraud puzzle, however.

There were 6,030 reported hijackings in Mexico between January 2023 and September 2023, according to a new data portal launched by Borderless Coverage Powered by Reliance Partners This number...

https://www.freightwaves.com/news/truck-hijackings-on-the-rise-in-mexico

Market poised for mid-2024 upswing

Many logistics professionals are experiencing a somber holiday season, as the freight recession continues to rage. Despite what Reliance Partners CFO Thom Albrecht has dubbed a “brutal winter,” supply chain companies can look forward to renewed hope as the market begins to shift in the spring and summer. 

“The first signs of encouragement may be around May or June 2024,” Albrecht said. “We might start to get a sense that the worst is in the rearview mirror and things are beginning to...

https://www.freightwaves.com/news/market-poised-for-mid-2024-upswing

Reliance’s Albrecht sees capacity disappearing from market at rapid pace

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CHATTANOOGA, Tenn. — From his position as CFO and chief revenue officer of one of the largest...

https://www.freightwaves.com/news/reliances-albrecht-sees-capacity-disappearing-from-market-at-rapid-pace

Mastering cargo securement: Tips to prevent violations and ensure road safety

Severe weather, rough and steep roads, and congestion are just a few of the countless factors that can contribute to cargo becoming dislodged or shifting mid transit. Proper cargo securement is a must to protect freight, prevent claims and most importantly, keep drivers and the public safe.

While not all cargo securement violations are out-of-service violations, cargo securement violations were the fourth most common type of violation during the Commercial Vehicle Safety Alliance’s (CVSA’s) 202...

https://www.freightwaves.com/news/mastering-cargo-securement-tips-to-prevent-violations-and-ensure-road-safety

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