For Last Mile Delivery drivers and operations, commercial auto insurance can be a significant expense, so it’s crucial to understand those factors that are within your control and influence your premium. Chiefly, speeding violations can have a surprisingly powerful and negative impact on the underwriting of your policy and, ultimately, your wallet. The Underwriting Perspective: […]
Have you received notice of a Workers’ Compensation Premium Audit? Don’t worry, it’s just standard practice to make sure the premium for your workers’ compensation policy accurately reflects your company’s actual exposure (usually payroll) over the policy period. Just keep detailed company records, stay organized, and your workers’ compensation premium audit will be a breeze! […]
The simple answer is that the average claim payment in commercial auto liability increased by 39% between 2019 and 2023. This spike is due to five factors beyond the insurance industry’s control: Here’s a look at how those market pressures drive up premiums: What can Last Mile and Middle Mile Delivery professionals do to guard […]
Recently, our Chief Underwriting Officer, Terri Moran was interviewed by The Inside Lane for an article about truck insurance for fleets. Here’s an excerpt from “How to Save Money on Truck Insurance”: Premiums for commercial trucks run from $5,000 up to $40,000 a year, with most vehicles landing in the $15,000 to $20,000 range, said […]
First, the good news: The last mile delivery boom is expected to continue, with the market projected to grow by $62 billion in North America by 2027. Now, for the bad news: With nuclear verdicts on the rise, “good” could turn to “bad” with a single accident. Nuclear verdicts, jury awards exceeding $10 million, are becoming increasingly […]
If you’re a transportation provider performing white-glove delivery services of heavy bulk goods, then you require more insurance coverage than a basic Commercial Auto Liability policy. Not only are you transporting cargo to the consumer, but in many cases, you may be entering residential homes and providing installation of and assembly services for the purchased […]
Nothing Parties Like a Rental! Loss control is a critical component of managing your insurance costs and running a successful business, especially in the transportation industry. With the total dollar amount of incurred losses for physical damage and the combined liability lines of business continuing to increase year-over-year, loss control becomes even more important. If […]
If your insurance policy is coming up for renewal, it’s important to review your drivers’ scores to ensure you won’t be faced with significant premium increases. According to the Federal Motor Carrier Safety Administration, roadside inspections conducted by state and federal inspectors in 2016 revealed that nearly 5% of the commercial vehicle drivers had sufficient […]
One of our broker partners asked this question for their Last Mile insured who had several catalytic converters stolen TWICE – on two separate occasions in less than 6 months! First, the coverage is not provided under Inland Marine as the vehicles are scheduled under the auto policy. Quite a bit of information follows and does assume […]
The common feature of Umbrella and Excess policies is that both provide increased limits over the underlying policy. In some cases an Umbrella policy may drop down and provide coverage where there is no coverage in place, usually subject to a Self-Insured Retention (SIR.) However, an Excess policy will only respond when an underlying policy responds. […]