Insurance
If you operate commercial motor vehicles, storing the correct records for the proper amount of time is critical for keeping your vehicles legal and safe. Staying on top of the recordkeeping requirements of various agencies at the federal, state, and local level takes an ongoing, concerted effort using the proper tools.
Our attorney friends in Atlanta passed this along to us that on last Saturday, President-Elect Joe Biden issued a bevy of plans for his incoming administration.
The first step in keeping the cost of risk down is to avoid claims to begin with, with no exceptions. The first thing is to join either your applicable state association or the NorthAmerican Transportation Association. Just compare the NTA enrollment fees and the benefits to your own state’s organization to see which is better.
An appeals court recently threw out a record $101 million “nuclear verdict” against a trucking company, saying the verdict was excessive and apparently “based upon the jury's disapproval of FTS rather than adequate and reasonable compensation for Patterson's actual injuries.”
In the past five years, there were nearly 300 court cases resulting in jury verdicts over $1 million against trucking fleets, according to a new American Transportation Research Institute analysis made public last June.
Insurance is one of those things you may not really think about until your business needs it. That is, unless you’re facing skyrocketing premiums or, worse, shrinking access to coverage itself, which is what’s happening to truck fleets. Negative trends impacting the insurance market’s view of trucking are forcing more fleet managers to think a lot more about insurance.
