Reduced highway traffic during the ongoing COVID-19 crisis has lowered the risk of crashes, but this silver lining of the pandemic has provided only a temporary reprieve for trucking companies that have seen escalating insurance costs in recent years. When the coronavirus outbreak first took hold in North America, miles traveled by the general public… Continue reading Traffic Eases Amid Pandemic, but Trucking Insurance Costs Still on Upward Trajectory
Tag: trucking insurance
Truckers Are Seeing Growing Freight Volumes
Trucking companies are reporting stronger freight demand as retailers and manufacturers move to restock depleted inventories, in a sign of strengthening corporate confidence in the U.S. economy. Old Dominion Freight Line Inc. and Saia Inc. both said this week that tonnage on their trucks was up in the first weeks of the third quarter, while… Continue reading Truckers Are Seeing Growing Freight Volumes
Truckers’ Required Insurance Coverage Could Increase to $2M
An amendment to a bill circulating on Capitol Hill would more than double the required minimum amount of insurance for commercial motor vehicles. Currently, the Federal Motor Carrier Safety Administration-required minimum coverage is $750,000, but the adjustment increases that amount to $2 million. The amendment to the INVEST Act was passed by a House committee… Continue reading Truckers’ Required Insurance Coverage Could Increase to $2M
U.S. Revises Hours of Service Rules for Truck Drivers
The U.S. Transportation Department on Thursday published new rules revising hours of service requirements for truck drivers that will expand short-haul driving and save the industry $2.8 billion over 10 years. The department’s Federal Motor Carrier Safety Administration (FMCSA) said the changes include lengthening the short-haul drivers’ maximum on-duty period from 12 to 14 hours… Continue reading U.S. Revises Hours of Service Rules for Truck Drivers
U.S. Suspends Truck-Driving Limits to Speed Coronavirus Shipments
U.S. highway-safety regulators are suspending rules that limit daily driving hours for truck drivers moving emergency supplies such as medical equipment, hand sanitizer and food in response to the nationwide coronavirus outbreak. The Transportation Department’s Federal Motor Carrier Safety Administration announced the nationwide exemption late Friday, following President Trump’s declaration of a national emergency over… Continue reading U.S. Suspends Truck-Driving Limits to Speed Coronavirus Shipments
Fleets Should Expect Even Higher Insurance Costs
Trucking insurance premiums have been on the rise in recent years and are expected to get worse. “I do see the potential for costs to rise,” Todd Reiser, vice president of the insurance brokerage Lockton Cos., told Transport Topics. “When we really started to see the impact was probably in March or April of 2019.… Continue reading Fleets Should Expect Even Higher Insurance Costs
RLI Transportation Announces Partnership with Samsara
RLI Transportation, a division of RLI Insurance Company, announced today a partnership with Samsara, an Industrial IoT company that provides sensors and software to manage vehicle fleets and industrial operations. The partnership will provide RLI Transportation customers within the large trucking, public auto, and commercial specialty auto industries with enhanced loss control resources through free… Continue reading RLI Transportation Announces Partnership with Samsara
Surging Truck Insurance Rates Hit Freight Operators
Soaring insurance costs are taking a toll on the trucking business, adding financial headwinds for carriers already contending with weakening freight demand. Underwriters have been ratcheting up the cost of liability coverage to recoup losses as “nuclear” accident payouts of $10 million or more increase, insurance brokers say. Trucking companies were hit with double-digit coverage… Continue reading Surging Truck Insurance Rates Hit Freight Operators
Zurich, Vindati Offer Stand-Alone Truck Cargo Coverage
Zurich Insurance has teamed up with underwriter Vindati to launch a new stand-alone Motor Truck Cargo insurance program for for-hire and contract trucking operations. “Smaller, independent operators often face barriers when attempting to access MTC coverage,” said Greg Massey, head of programs for Zurich North America. “This new program offers truckers and trucking brokers a… Continue reading Zurich, Vindati Offer Stand-Alone Truck Cargo Coverage
Tech-Powered Trucks Force Transport Sector to Consider Cybersecurity
The life of a trucker was once a solitary one, with an open road and little more than a radio to connect to the wider world. Now, vehicles are packed with technology, opening the door to hackers, experts warn. Most commercial trucks at major operators are now equipped with GPS systems that relay information—such as… Continue reading Tech-Powered Trucks Force Transport Sector to Consider Cybersecurity