Insurance in the freight industry is becoming more and more of an issue. We’ve all seen the horror stories:
“A California-based trucking company has announced plans to permanently wind down operations in the next few months…Company leaders cite rising insurance premiums, low rates, and an increased cost of doing business due to regulations as reasons for the closure, according to Business Insider.
“Family-owned Howard Baer Inc. of Nashville, Tennessee, ceased operations Jan. 31, citing government regulations, the ongoing struggle to find qualified drivers and soaring insurance costs as the main reasons behind the company’s decision to close after 69 years.” (FreightWaves)
Carriers are experiencing significant strain when it comes to rising insurance costs, which have doubled in the past few years. Abnormally high accident rates—including those involving fatalities—and nuclear settlements with multi-million-dollar payouts are largely to blame and are impacting carriers of all sizes, in addition to their customers. Despite a rise in technologies that are designed to enhance safety, the economic impact of these skyrocketing rates is undeniable.
Insurance in the Freight Industry: Get the Update
To discuss the impact of rising insurance rates and how companies can best position themselves to handle these costs, FreightWaves is partnering with Spireon to host an hour-long webinar on Thursday, March 19 at 2pm EST, where we will hear insights from Chris Henry, Vice President of Carrier Profitability and Program Manager for the TCA Profitability Program, as well as Andrew Ladebauche, Co-Founder and CEO of Reliance Partners. During this session, Henry and Ladebauche will discuss:
- Current market environment (insurance carriers in the market vs. exiting)
- Excess insurance (umbrella) rates
- Nuclear verdicts vs. higher-than-normal incident rates and the economic impact
- What happens when stock market support falls apart
- Captive vs. traditional insurance markets
- Future trends, including activity-based pricing for carriers
- Brokerage liability
Register today to join us for the live webinar.
Vice President of Carrier Profitability and Program Manager for the TCA Profitability Program
Co-Founder and CEO of Reliance Partners
Presented by FreightWaves
Sponsored by FleetLocate by Spireon