Physical Damage Truck insurance is designed to protect commercial trucks and other vehicles used in transporting goods. The Collision portion of the policy provides coverage for damage to the insured truck that occurs as a result of a collision with another vehicle or object. This includes accidents where the insured truck is at fault. The … Continue reading “Comprehensive vs. Specified Perils Coverage in Physical Damage Truck Insurance”
The Federal Motor Carrier Safety Administration (FMCSA) mandates that, every two years, transportation companies update their Motor Carrier Identification Report (Form MCS-150). Updates may include changes or modifications to contact information (phone number, address, etc.), operating authority changes, ownership and control changes, insurance information, safety data, USDOT number, vehicle and equipment information, and other info. … Continue reading “Why Updating FMCSA MCS-150 Form Is Important for Transportation Carriers”
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”
Truck inspections are expected to change as federal trucking regulators and commercial vehicle enforcement agencies push for wireless roadside inspections. Motor carriers will have to equip their trucks with devices to transmit the identity and condition of trucks and drivers to roadside enforcement. However, according to the North American Transportation Association (NTA), how motor carriers … Continue reading “Down the Road: Electronic Truck Inspections”
Third-party litigation funding, anti-corporate sentiment among juries, and other factors have created an environment over the last decade or so in which huge settlements and awards are commonplace. Third-party litigation funding is the practice of investors’ buying an interest in the outcome of a lawsuit and has quickly become a multibillion-dollar industry, contributing to the … Continue reading “What’s the Difference Between Umbrella and Excess Liability Insurance? “
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”
Workers’ Compensation insurance provides coverage for employee on-the-job injuries and illnesses. A business pays an estimated premium at the beginning of the year that is based on a number of factors, including payroll; industry classification (different industries have varying levels of risk with regard to workplace injuries and illnesses); employee classification (a driver is at … Continue reading “Ensure Smooth Workers’ Compensation Premium Audits “
The trucking industry is responsible for moving 72.5% of our country’s freight. Small trucking fleets, characterized by six or fewer vehicles, are responsible for handling 91.5% of this freight, demonstrating the significant role they play in the movement of goods across the country. Following are several reasons why we rely on small trucking fleets to … Continue reading “The Importance of Small Trucking Fleets in Freight Transportation”
An Occupational Accident Program (OAP) provides a level of financial protection and support in the event of work-related accidents or injuries for independent contractors or owner-operators who may not be covered by traditional Workers’ Compensation insurance. It is commonly used in industries where independent contractors are prevalent, such as trucking and transportation, and is typically … Continue reading “The Benefits of Sponsoring an Occupational Accident Program for Motor Carriers”
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”
