For the Insurance Council of New Jersey (ICNJ), a key word in the new law requiring minimum insurance coverage of $1.5 million for larger trucks is “umbrella.”
Gary La Spisa, vice president at the ICNJ, which represents insurance providers, worked with legislators to craft the bill that makes the New Jersey requirement the highest in the country.
In an interview with FreightWaves, La Spisa said his group sees it as a major victory that the law allows a fleet’s umbrella insurance coverage to...
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...
How do you define a “good” driver?
For many carriers, that definition begins and ends with those who deliver as much freight as possible on time. After all, this is how carriers generate revenue.
Robert Kaferle, vice president of safety at Reliance Partners, a trucking insurance agency and provider of safety consulting, urges fleet owners to measure drivers beyond who makes the most deliveries.
While most companies expect their drivers to be compliant with regulations and company policies, some...
https://www.freightwaves.com/news/are-you-recognizing-the-right-drivers
Everybody in the transportation industry can probably agree on one thing: It’s not cheap to keep a trucking business running.
FreightWaves has estimated it costs $210,000 to operate just one truck annually, based on running 120,000 miles. Fleet owners might even say that most of the expenses that contribute to this figure are out of their control. After all, the industry is highly subject to supply and demand.
For instance, overall, companies can’t really control driver pay. If carriers want to...
https://www.freightwaves.com/news/how-safety-can-be-the-key-to-lowering-insurance-costs
Dan Abrahamsen is the founder and CEO of Cover Whale, an “insurtech” company that is focused on not only delivering insurance to truckers but using other tools to boost driver safety.
He joins Drilling Deep host John Kingston to discuss truck insurance in general, and specifically why the insurance market is about to feel the impact of AB5 coming to California’s trucking sector.
Also on the podcast, Kingston focuses on the complicated relationship among natural gas prices, diesel prices and the...
https://www.freightwaves.com/news/drilling-deep-truck-insurance-and-the-changes-ab5-is-bringing
Setting minimum insurance requirements for trucking companies and brokers is the responsibility of the federal government, but a lack of data from insurers is keeping government regulators from figuring out how much current levels should be raised.
In a report to Congress released this week, the Federal Motor Carrier Safety Administration emphasized that the costs of catastrophic truck or bus crashes have increased significantly over the past 40 years. FMCSA also noted that while such crashes...
With the scarcity of new trucks and trailers nearly doubling auction prices for late-model used trucks, it might be best to make do with what you’ve got.
In February, the average sleeper tractor sold was 69 months old with 452,369 miles for $110,686. In fact, prices for every model year dating back to 2017 increased in February, as trucks 3 to 5 years old sold at prices averaging 6% more than the month prior.
“It’s very dramatic,” said Cindy Whitmer, marketing team leader at Reliance Partners. “I...
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The U.S. House of Representatives on Thursday passed a highway reauthorization bill that includes a provision to raise trucking insurance liability from $750,000 to $2 million, mandates automatic braking on new trucks and increases scrutiny of truck dispatch services.
The Investing in a New Vision for the Environment and Surface Transportation in America (INVEST in America) Act, which passed the chamber largely along party lines by a vote of 221 to 201, faces the significant hurdle of getting...