High Definition Vehicle Insurance (HDVI) brings software solutions to an industry that has been slow to join the telematics revolution.
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In today’s edition of The Daily Dash, fleets looking for excess insurance coverage are paying top dollar; Landstar projects a strong Q3; and Waymo will test autonomous vehicles in the last mile.
Using a third-party administrator is touted as a way to ward off big verdicts against trucking firms.
“Nuclear verdicts are destroying the excess market. Until someone puts a leash on these lawsuits, I don’t see prices going down that’s for sure,” said Reliance Partner’s Joe Schreiner.
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.
Annual insurance rates could surge 150% or more
Central to Edwards v. Cardinal Trucking, Inc. was whether the trucking company had power of control over a co-defendant.
“Nuclear verdicts are the result of nuclear injuries,” plaintiff group asserts.
Insurance costs climbing as awards and amounts increase.
The hot topics you may have missed this week.
FreightWaves teamed up with Gulf Winds International to discuss how massive jury awards are taking a lasting toll on carriers.
Focusing on risk management can help protect fleets from the pain of paying massive damages.
Litigious society wants someone to pay for coronavirus-related business losses
Apart from exonerating drivers from wrongful accusations in road accidents, dash cams can also help the fleet management reward top drivers and improve driver behavior.
A year after studying nuclear verdicts in truck crashes, the American Transportation Research Institute is focusing on smaller verdicts as its top research priority while also looking behind the scenes of rising truck insurance premiums.
“The impact of these nuclear verdicts, as well as higher insurance costs, could send more carriers out of business,” said Zach Strickland.
Insurance spikes can be attributed to the ongoing threat of nuclear verdicts.
Nuclear verdicts have been a rising phenomenon in the trucking industry over the past decade. Are large lawsuits the cost of doing business, or is there a way to defend against them?
A panel of experts on the issue offers suggestions — but no easy fixes.
