Tag: liability insurance: Page 2

Business

High liability rates becoming the norm

Liability coverage costs have increased markedly in recent years. Premiums for a $1 million liability policy now can range from around $6,000 to $16,000 or more a year.

July 12, 2019

Business

‘4 keys’ cheat sheet for owner-op insurance

A new infographic from the Commercial Insurance Solutions (CIS) trucking-specific insurance agency details in a quick glance four different types of common insurances it brokers for its owner-operator clientele, whether leased or with their authority.

July 3, 2019

Channel 19

What Isaac Ho did to prepare for the rates crash on the spot market

The past year’s fortune — and recent rates struggles, with so many others in spot freight — for one young own-authority business, with a keen eye toward controlling costs to get through any lean times. No. 1 action taken: He paid off his used-purchased 2015 Volvo entirely.

April 29, 2019

Business

Other expansion challenges: Insurance costs, administrative/compliance burdens, managing customers

Overdrive poll respondents named these challenges — higher liability premiums, greater administrative and compliance burdens, and managing current customers/finding new business — the next-most-prominent challenges for small fleet expansion beyond recruiting and retaining drivers.

March 11, 2019

Business

The expansion challenge: Mastering preparation for the unpredictable

Small leased fleet owner-operator Dave Marti and Midnight Xpress owner-operator Andre Jackson both employed a common practice as they expanded: limited personal income, separated from business income, from which profits were reinvested. Or, as the case may be, used to cover the unforeseen.

March 5, 2019

Voices

Assessing the ‘hard market’ for liability insurance

Premium increases in the past year have followed increasingly difficult conditions for insurers, watchers note, for a variety of factors. 10 percent might be a good rough average for independents and small fleets. At once, it’s not hard to find contrary examples on either side of that 10 percent among readers.

January 29, 2019

Channel 19

Is something going on in the insurance market for independents?

When veteran independent owner-operator Wayne VanHooser’s insurance came up for renewal recently (something I imagine many of you may well go through this time of year), he got a pretty big surprise. “Basically I’m getting put out of business,” the 71-year-old says, after more than four decades trucking.

January 23, 2019

Business

State of insurance for independents with new authority: Pricey, and getting pricier

When it’s time to shop coverage around: With a fleet at around four years old and no significant history of claims, a seven truck fleet’s liability insurance rates had risen substantially in its fourth year to roughly $15,000 annually per truck, all in. That’s not how it’s supposed to go, noted presenters at an insurance session at Expedite Expo.

July 14, 2017

Business

Post-crash litigation: Cameras and ELD evidence

Much of the monitoring equipment that many larger carriers are investing in — from cameras to ELDs — also gives them a critical edge in legal disputes.

June 21, 2016

Business

How to dodge the ambulance chasers

Since the advent of CSA, high-dollar jury awards for truck accident victims have been growing. This means higher risk and insurance costs, especially for independents.

June 20, 2016

Business

Insurance is the devil

” It’s a necessary evil, and it’s forced upon us by law, so we put up with the incredibly weird questions and long wait times to talk to people who take our money into the black hole of insurance premiums and rarely give any of it back.” …

June 1, 2016

Overdrive Radio

Mailbag: ‘Don’t help the lawyers. Help us.’ –Readers on insurance

In this podcast, readers weigh in on rising insurance costs, urging regulators and congress not to hike minimums, which might well serve only to line the pockets of attorneys and deleteriously affect the trucking business.

March 17, 2015