The transportation sector has been hit by rising insurance costs over the last several years. There are several reasons driving costs – from nuclear verdicts to high vehicle repair costs, driver shortages, and other issues. Let’s take a look at how some of these issues impact insurance premiums in the trucking industry. Nuclear Verdicts Nuclear … Continue reading “What’s Behind Rising Transportation Insurance Costs?”
Accidents are an unfortunate reality in trucking. However, how you respond after a crash can make all the difference in resolving a claim and controlling long-term insurance costs. When a claim isn’t reported immediately or lacks complete details, it creates a gap in the investigation process. That gap can be exploited by personal injury attorneys, … Continue reading “Why Fast and Detailed Claims Reporting Matters in Trucking”
Safety and compliance in the trucking industry are not just regulatory requirements; they directly impact a motor carrier’s insurance premiums. One of the key factors affecting trucking insurance rates is the Compliance, Safety, Accountability (CSA) score. The Federal Motor Carrier Safety Administration (FMCSA) uses the CSA to measure a trucking firm’s safety record. These scores … Continue reading “CSA Scores Impact Trucking Insurance”
When moving goods, whether within your state or across the country, you face significant risks, particularly concerning the cargo you transport. Cargo damage, theft, or loss during transit can result in costly claims against your trucking company. According to Overhaul Risk Advisory Services, in 2023, there were 1,183 reports of cargo thefts, each averaging a … Continue reading “Limit Your Liability When Transporting Cargo”
The Federal Motor Carrier Safety Administration (FMCSA) has issued an alert regarding a new fake email sent to registered Carriers pretending to be the FMCSA. The phishing email requests that motor truck carriers complete the forms attached to the email. The forms ask for an individual’s Social Security number and USDOT PIN. In some cases, … Continue reading “The FMCSA Issues Another Phishing Alert”
Many motor carriers deal with high-frequency accidents, which are unplanned incidents involving a potential loss. These may include accidents while turning or backing the truck into an object. These accidents can result in vehicle damage, property damage, damaged reputation, loss of drivers, and the potential of more severe crashes, including injuries and serious liability exposures. Take … Continue reading “Minimize High-Frequency Accidents on the Road”
Insurance companies are leveraging big data to assess risk factors, identify trends, and personalize coverage options for trucking operations. IBM defines big data as “a combination of structured, semi-structured and unstructured data that organizations collect, analyze and mine for information and insights.” It’s used in machine learning projects, predictive modeling, and other advanced analytics applications. … Continue reading “How Insurers Are Leveraging Big Data for Truckers”
The Federal Motor Carrier Safety Administration (FMCSA), an agency of the Department of Transportation (DOT), oversees nearly 600,000 motor carriers and millions of commercial drivers across the U.S. The agency is responsible for ensuring carriers comply with regulations. DOT regulations cover driver qualifications, hours of service (HOS), vehicle maintenance requirements, drug and alcohol testing, cargo … Continue reading “What You Need to Know About DOT Audits”
The Federal Motor Carrier Safety Administration (FMCSA) has announced plans to revamp its registration system to improve security, combat fraud, and streamline customer experience for motor carriers, brokers, and freight forwarders. “Obviously, we’ve had our registration system in its current form for many years,” said Tom Keane, associate administrator of the Office of Research & … Continue reading “FMCSA Announces Plans to Revamp Its Registration System”
Knowing what to do – and what not to do – when in an accident is important in getting the facts straight and moving the claim process along. Here we’ll clear up some misinformation if you or your drivers are involved in a vehicular accident. I should report an accident to my insurance agent, not … Continue reading “Separating Facts from Fiction: When an Accident Occurs”
