Reliance Partners

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

ELD risk gets new scrutiny after FBI warnings

A warning last week from federal law enforcement on the cybersecurity risks associated with electronic logging devices (ELDs) has raised awareness in the trucking industry on the potential costs of getting hacked.

The Federal Bureau of Investigation (FBI) would not comment on whether the notice it sent to private companies involved in the trucking industry was based on recent ELD cyber threat activity. “There are no current ELD hacks that we are aware of,” Sharon Reynolds, Chief Information...

https://www.freightwaves.com/news/eld-risk-gets-new-scrutiny-after-fbi-warnings

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

How a $1.25 million insurance liability hike may affect owner-operators

Owner-operator insurance costs increasing

A push by lawmakers to raise truck liability insurance for the first time in 40 years has advanced further than ever in Congress and the resulting rate increases would hit small trucking companies the hardest, according to an insurance expert.

The provision included in the Moving Forward Act, which the U.S. House of Representatives passed on July 1, raises the minimum coverage level for general freight from $750,000 per accident to $2 million. It would be adjusted every five years to account for...

https://www.freightwaves.com/news/how-a-1-25-million-insurance-liability-hike-may-affect-owner-operators

Hurricane season heats up – responding to a big one

Believe it or not, hurricane season is well underway, which means it’s time to keep a close eye on the weather. The Atlantic hurricane season started in June and continues through the end of November; this roughly six-month timeframe presents many opportunities for a storm to wreak havoc on economies and entire infrastructures of coastal communities large and small. 

Motor carriers and independent drivers operating within Hurricane Alley need to plan prior to the landfall of a costly storm and...

https://s29755.pcdn.co/news/hurricane-season-heats-up-responding-to-a-big-one

Ensuring a non-owned trailer becomes a non-issue

A truckload of goods will often exchange hands multiple times between its origin and destination. In fact, it’s pretty common for a trailer to be hauled by one driver between points A and B only to be handed off to another to continue the journey to point C and so on. For instance, a truckload originating in Jacksonville bound for Los Angeles may find itself hitched to another truck in Houston for the remainder of the trip.

Through each trailer interchange, responsibility for the trailer and its...

https://www.freightwaves.com/news/ensuring-a-non-owned-trailer-becomes-a-non-issue

To keep or not to keep: What to consider when engine problems arise

Truck heading down a highway.

Truckers often develop a sentimental attachment to their vehicles. Through long night hauls and truck stop naps, rush hour traffic and lonely stretches of road, a driver’s attachment to a truck can be compared to a cowboy’s love for his steed. That is why it can be extremely difficult for a driver to part ways with a years-old truck with engine problems.

But truck owners know that repairs, especially under the hood, aren’t cheap. Plus, engine overhauls and replacements can take well over a week...

https://s29755.pcdn.co/news/to-keep-or-not-to-keep-what-to-consider-when-engine-problems-arise

Nuclear verdict prevention: Is there any hope for fleets?

Nuclear trucking verdicts

Over the past few years, there has been a surge in nuclear verdicts against the trucking industry. Nuclear verdicts are jury judgments that award penalties over $10 million. This warrants a focus by trucking fleets on risk management, as such verdicts can force companies to declare bankruptcy, adding to the distress already prevalent in the industry today. Effective risk-management strategies potentially can lead to lower insurance premiums as well.

One of the primary reasons for such massive...

https://s29755.pcdn.co/news/nuclear-verdict-prevention-is-there-any-hope-for-fleets

+ More