An auditable insurance policy is one in which the premiums the insured pays are based on payroll and/or sales projections at the start of the policy term and then adjusted based on actual figures at the end of the term. Auditable policies are typically used with Workers’ Compensation and Commercial General Liability insurance, but can apply … Continue reading “Inside an Auditable Insurance Policy”
Late insurance payments occur for a number of reasons, including accounting oversights or cashflow issues. However, it’s important to be aware of how late insurance payments can affect your trucking business. Coverage Gaps If insurance payments are not made on time, the trucking company’s policy may cancel and lead to a loss of coverage. For … Continue reading “The Importance of On-Time Insurance Payments”
As part of a requirement under the bipartisan Infrastructure Investment and Jobs Act (IIJA), in 2022, the Federal Motor Carrier Safety Administration (FMCSA) established the Safe Driver Apprenticeship Pilot Program (SDAP). The goal of the three-year program is to help individuals ages 18, 19, and 20 explore interstate trucking careers and help trucking companies hire … Continue reading “Lawmakers Looking to Get the Younger Generation Behind the Wheel”
The Federal Motor Carrier Safety Association (FMCSA) in February announced proposed changes to its Compliance, Safety, Accountability (CSA) program to reduce and prevent crashes. Public comments on the proposed changes are due this month. The FMCSA’s goal is to ensure greater consistency in results by holding similar carriers to the same standard, regardless of how … Continue reading “FMCSA Proposes Changes to Its Safety Measurement System”
In a previous article, we discussed the requirement for daily vehicle inspections by the U.S. Department of Transportation’s (DOT) Federal Motor Carrier Safety Administration (FMCSA). In this article, we will look at the requirements for 90-day inspections, as required by the state of California. If your truck has a GVW (gross vehicle weight) rating of … Continue reading “90-Day Truck Inspections: Part II”
Florida Governor Ron DeSantis signed sweeping tort reforms into law on March 24, 2023, making significant changes to the state’s litigation system. The reforms took effect immediately and are seen as a win for the trucking industry. Florida has been among the worst states in the nation for nuclear verdicts, where damage awards exceed $10 … Continue reading “How Florida’s Tort Reform Will Impact Trucking Industry”
Over the next few articles, we will review vehicle inspection requirements for commercial trucks as required and endorsed by the U.S. Department of Transportation’s (DOT) Federal Motor Carrier Safety Administration (FMCSA). In this article, we will review daily vehicle inspections. Drivers must conduct inspections at the beginning and end of each shift and on each … Continue reading “DOT-Compliant Vehicle Inspections: Part I”
Information collected about a transportation carrier during a routine inspection at weigh stations is posted and kept on the Department of Transportation (DOT) website and available to the public. Insurance company underwriters utilize this data when evaluating a risk and determining account acceptability and pricing. Why Are DOT Inspections and Compliance So Crucial for Insurance … Continue reading “How DOT Inspections Are Used for Insurance Underwriting”
Our last article looked under the hood of Physical Damage Truck insurance, which provides owners/operators of truck and trailer equipment with collision and comprehensive coverage. Collision coverage protects you in the event of a collision or overturn, while Comprehensive coverage protects you against most other physical damage losses. These losses could be caused by fire, … Continue reading “Inside Finance/Lease Gap Coverage As Part of Physical Damage Truck Insurance”
Your truck and trailer equipment are the lifeline of your business and represent a significant investment. If your truck is damaged in an accident or fire or vandalized or stolen, you’re off the road, and your business is temporarily sidelined. Physical Damage Truck insurance steps in to get your truck and equipment repaired or replaced, … Continue reading “Under the Hood of Physical Damage Truck Insurance”
