Commercial insurance rates have ballooned over the last few years. Small carriers can use some techniques to reduce their costs.
The U.S. Chamber of Commerce is recommending a long list of fixes to the problem of large verdicts in truck accident litigation.
Cargo insurance is vital protection for carriers, but preventing damages in the first place, like these tips from Reliance Partners, can help them avoid cash payouts and maintain trust with shippers and customers.
Do you know what’s on your PSP record? Reliance Partners’ Mark Barlar shares insight into the story it tells about a driver, how it informs hiring decisions and what drivers can do about it.
By implementing a strong safety and compliance program — like Reliance Partners can help them build — carriers can minimize risk and pay less for insurance.
As the holiday shopping season descends, companies should be aware that law-abiding consumers are not the only folks hoping to get their hands on this season’s hottest gifts.
Nuclear verdicts do not just impact the defendants; they drive insurance rates up for companies across the industry, as well as the motoring public.
BulkLoads.com said that shippers can now use MyCarrierPackets.com services within its BulkTMS solution, allowing for monitoring of insurance status and safety compliance of carriers.
Lula Trucking’s software could reduce operators’ truck insurance costs through pay-per-day tools.
In the absence of shipper’s interest cargo insurance to protect the cargo owner against financial loss, carrier’s liability is all that remains, and cargo owners are often disappointed by the all-too-common misconception that the carrier will fully cover their loss.
3 reasons you need a dashcam
“The trucking insurance industry hasn’t innovated anything for the last few decades, so we thought with our insights and the right person we could change that,” said CEO Mats Holmback.
It’s important for LSPs, cargo owners, warehouse operators and other stakeholders in the supply chain to understand their insurance programs, contractual agreements and best practices to properly protect their businesses.
A drop in traffic because of the pandemic appears to have been a one-shot that made the market less difficult for underwriters.
Reliance Partners’ Mark Vickers discusses how usage-based insurance introduced to freight markets moving into Mexico is a relatively new product that protects a shipper against the very different Mexican laws on liability.
Nighttime crash reductions associated with good, acceptable & marginal headlights
This episode also dives into the tight inventories facing the diesel market.
To lower its insurance rates and protect its drivers and product, cannabis distributor Bloom Farms turned to Azuga’s dashcams and specialty insurer QuadScore.
Iron Truck Services aims to give smaller fleets affordable access to services such as insurance, equipment maintenance, fuel purchasing, truck sales and rentals.
Big Benefits for Small Fleets: The CarrierHQ Difference
Insurance accounts for a large portion of fixed costs for trucking companies. There is one thing, however, that can help carriers take control of snowballing rates while still protecting insurance companies: transparency.
CarrierHQ offers monthly in-term rate adjustments based on driving data from each truck’s ELD.
Rideshare drivers sometimes need a cash advance to cover short-term expenses, but traditional banks offer few options. COVERR hopes to bridge that gap.
Scott Prince, CEO of CarrierHQ, shared on WHAT THE TRUCK?!? how his company is modernizing insurance.
Reliance Partners’ Brandon Richards offers those new to the industry advice on auto liability policies — a prerequisite for every motor carrier.
One of the results of the 2017-18 freight market boom was an increase in the cost of operating that held over into a slower 2019 when capacity became abundant. Costs are on the rise once again as carriers struggle to find drivers to capture market share.
“With insurance costs and driver turnover skyrocketing over the past several years, our mission is to help fleets overcome these challenges and create a safety culture that is not only valued by their drivers but also their insurance providers,” said co-CEO of Idelic.
A Miami-based insurance startup is offering gig workers the opportunity to purchase disability insurance that would protect them in case of income disruptions.
Commercial truck insurance cost variables
One of the toughest obstacles for a new trucking company can be finding affordable insurance. Robert Haley, VP of Transportation for USI Insurance Services, and Pierre Laguerre, founder and CEO of Fleeting, discuss tips on risk mitigation for new carriers at FreightWaves LIVE @HOME.
Capacity Southeast of Nashville to join Chattanooga-based Reliance
CEO Prince says insurance product offering with Aon beginning to gain traction
Using a third-party administrator is touted as a way to ward off big verdicts against trucking firms.
Nuclear verdicts are on the rise, and two behind-the-scenes factors playing large roles are the emotional pleas plaintiffs’ attorneys are making to juries and the growing number of hedge funds that invest in civil lawsuits.
A.M. Best: 10 years worth of losses; litigation financing helping to drive the problem
As the size of jury awards has grown, trucking fleets are dealing with how to mitigate the rest. Many are turning to technology.
FreightWaves teamed up with Gulf Winds International to discuss how massive jury awards are taking a lasting toll on carriers.
In this special episode for FreightWaves LIVE @ Home, FreightWaves CEO Craig Fuller talks with Johnny McCord, CEO and Founder of Loadsure
Our host John Kingston also discusses the diesel market.
In this episode of Fuller Speed Ahead, FreightWaves Founder and CEO Craig Fuller speaks with Reliance Partners President Chad Eichelberger about COVID-19 effects on insurance markets.
CarrierHQ introduces a new portal that helps owner-operators and small fleets gain authority in the market by providing them services to get started and run successful businesses.
Cyber threats strike supply chain Roanoke Insurance Groups Glenn Patton knows that hackers and ransomware attackers are targeting more supply chains than ever. Find out how to get protected. RISK AND REWARD From rock bands to heavy metal machines, the goods in your supply chain take a journey of exposure. Learn how to mitigate both […]
Keeping track of all the outstanding content published on Freighwaves.com each week can prove daunting, and we do not want you to miss a beat. Every FreightWaves article is designed to assist our readers in becoming the most informed professionals in the transportation and logistics industry. To make this task easier, we present an exclusive […]
In case you weren’t able to catch our live broadcasts from Music City at the Air Cargo Conference at the top of this week, don’t worry, we’ve got you covered right here, right now for a “just in time” delivery.
The stories that will keep you in front of the pack.
Trucking insurance continues to get more expensive. Chris Henry and Daniel Pickett provide information about captive insurance agencies.
Former California agent was convicted of pocketing $174,000 in insurance premiums from port truck drivers and charter bus companies.
Anthony and Zach discuss what will trim the fat in the oversupplied trucking market as well as talk about why Intermodal has not materialized as the savior of the rail volumes with Mike Baudendistel.
Fleets have been investing in safety technologies, but the public does not seem to be recognizing this fact, with the majority of Americans believing they are safer drivers than most truck drivers.
In partnership with Reliance Partners…Data analytics has been disrupting the way the freight industry works and the insurance sector will not be left behind.
Truck drivers looking for a job will soon have to register with a new drug and alcohol clearinghouse.
Trucks without mirrors are entering the testing phase, but they could soon become a reality.
Owens & Minor is exploring a sale, according to sources reached by Reuters, on the heels of earnings that have disappointed investors.
In partnership with Reliance Partners …Why are rates rising in this first year of full ELD compliance? What can be done to maximize margins?
On Wednesday at the Texan Gaylord Resort and Convention Center, following MarketWaves18, members of the Blockchain in Transport Alliance (BiTA) met to receive updates on the organization’s progress toward data standards, hear announcements, share feedback, and learn about the work being done by BiTA’s think thanks.
With ELDs in nearly every truck, it was only a matter of time before insurance companies started to utilize the devices. Progressive is among the first, launching a new discount program for truckers that provide Progressive access to their ELD data.
Beyond the Technology presented by LaunchIt Public Relations …Since the ELD mandate took effect, most of the conversation surrounding the devices has focused on hours of service and compliance issues. However, their uses do not end there.
Borderless Coverage allows brokers and freight forwarders to instantly secure Mexican cargo insurance for loads at about half the cost with the click of a button, removing barriers to international trade.
Sponsored by Reliance Partners…The DOT’s pilot program to study the feasibility of 18-21-year-old drivers will have an insurance impact, but what exactly do insurance providers think of the proposal?
Chubb, the world’s largest publicly traded property and casualty insurer, recently became an industry association member of the Blockchain in Transport Alliance (BiTA).
For many drivers, health tends to take a back seat—yet the job remains a dangerous combination of days that can be both sedentary and stressful. FreightWaves had a chance to speak with Hazen Mirts, CEO of Enrollment First, and Stephen Kane, President of Rolling Strong to hear about how the two companies are coming together to better the driver experience.
Sponsored by Reliance Partners…There are a lot of reasons why it’s hard for owner-operators to get the best deal possible on their truck insurance. Owner-operators are busy.
On June 7th, the highest odds for a truck being in a collision will occur between 4 pm and 7 pm and between 9 pm and midnight, accounting for 21% and 19% of the day’s accidents, respectively, almost twice what would be expected if accidents occurred at random times.
Sponsored by Reliance Partners…FreightWaves visited the Reliance office in downtown Chattanooga this week to speak with COO and president, Chad Eichelberger and Laura Anne Howell and get a sense of what makes the secret sauce so special.
Sponsored by Reliance Partners…Depending on the limit and deductible you choose, your trailer interchange coverage should add between $100 and $1500 a year to your overall insurance cost.
Brought to you by Reliance Partners…Begin the process by providing clarity and expectations first on the basics, such as driving, detention, and layover, the nuts-and-bolts of the driving job.
Presented by Reliance Partners…While there are loads of ways to save on insurance costs, some aren’t as realistic as others. We’ve distilled it down to a concentrated Top 5.
Presented by Reliance Partners …The jury is still out as to whether or not ELDs actually make our roads safer, but many say they’re working.
Presented by Reliance Partners …CAB compiles data and translates that into actionable information for insurers and underwriters to make more informed decisions on carriers.
When a 3PL is involved in moving goods, there are a number of liability areas where that 3PL could be held responsible, from the actions of the carrier to condition of the goods.
Insurance & Risk Management presented by Reliance Partners … U.S. companies moving freight across the border need additional insurance to cover their Mexican drivers, even if it is only within the border zone
It seems so simple, but basic attention to detail can help prevent an unwanted interaction with law enforcement, which can lead to increased insurance premiums.
TrueNorth announced that it has joined the Blockchain in Transport Alliance (BiTA).
Trucking companies face high insurance costs, and few are higher than new venture insurance for new carriers. Some steps can be taken to help lower that initial cost, though.
As seemingly simple as the rule sounds – ensure food is safe during transport – it is anything but. The FDA’s food safety regulation, says, Sam Rizzitelli, transportation practice lead for the Americas for Allianz Global Corporate & Specialty, has opened up new concerns from an insurance impact.
Reliance Partners, a leader in transportation and logistics insurance and risk management, announced today that it joined the Blockchain in Transport Alliance (BiTA).
Owner-operators have unique insurance needs, and it matters whether you have your own authority or are leased to a carrier. Either way, it’s important to understand what coverage you need and find policies that fit your budget.
Recently, there were a couple of Facebook posts from owner-operators asking for advice on where to look for new insurance. One poster said their insurance company was dropping them because their “maintenance scores” were too high. What, they asked, did that mean?
The saying goes that there are only two certainties in life: death and taxes. If you’re a commercial vehicle operator, though, you can add another: rising insurance costs.
With millions of commercial vehicles now running electronic logging devices (ELD), concerns have been raised about cyber attacks. That concern is leading to more interest in cyber insurance policies.
While more and more fleets are utilizing thousands of data points to make operational decisions, insurance providers are tapping into those same data points to help create more accurate risk profiles of carriers and their drivers to build improved insurance offerings for those fleets. And at a lower cost in some instances.
A few years ago, cameras in trucks were viewed negatively by nearly everyone. That has started changing as more providers perfected the systems and word started getting out on how a camera could save a fleet from a million-dollar lawsuit, not to mention reducing risky driving behaviors.
Larger fleets sometimes control their insurance costs by self-insuring. Smaller fleets, though, often don’t have the financial resources to self-insure, so more of them are turning to “captive” insurance programs.
Fleets do not have to be stuck paying high insurance premiums as there are a number of choices they can make to lower their risk profile and cost. Here are 10 ways to help do that.
Like taxes, insurance can be confusing. Many carriers, especially smaller carriers without dedicated insurance experts on the payroll, are at the mercy of an insurance provider. But armed with a little knowledge, carriers can make more informed purchasing decisions.
Many commercial trucking companies will never be impacted by cargo theft, but that doesn’t mean they shouldn’t be prepared. Cargo theft is a multi-million-dollar problem, and like all problems, somebody is going to pay for it.
Using onboard video cameras can not only reduce risky driving behaviors, they can also lead to a significant decrease in insurance premiums, with one fleet reporting it saw its insurance premiums drop 55%.
For the past 15 years, if a carrier needed some assistance getting over a rough time financially, there has been help available from lenders who specialize in transportation finance. One of those companies is Marquette Transportation Finance, which just surpassed a milestone of sorts: It’s lent more than $15 billion to companies large and small.
There is no requirement for cargo insurance, but that doesn’t mean you shouldn’t have it. As you search for motor truck cargo insurance, you will find various plans at various price points. Like those homeowner’s policies, no two are the same. So how do you know what you should be looking for?
With the introduction of smart insurance contracts in transportation applications, companies in the freight business could emulate a similar offering to solve some of the major disruption risks involved in carrier service failures.
The I-95 Corridor Coalition is moving forward with research that will help it determine whether a mileage use tax is the right approach to taxing in Pennsylvania and Delaware, according to NBC 10 Philadelphia.
The Republican health care bill has received both criticism and applause from a divided nation. But what does it do for trucking? Well, like the rest of the nation, that may depend on what side of the industry you are on.
As many drivers and small fleets worry about the impact on productivity and cost with the upcoming mandate to install electronic logging devices, one overlooked aspect is what impact ELDs will have on their insurance rates.
