Stay informed about the trends in the P&C and benefits industries.
The engine and cars that come down the track are only a small part of the property of any railroad operation. Property exposures are as diverse and complex as railroads themselves and require a specialized approach to navigate the insurance marketplace.
When a cement truck turns over and pollutes a stream, how is that insured’s exposure addressed? If a freight hauler is unloading drums of soap and one of those drums turns over and spills into a storm drain, how will the insured be protected? In the environmental marketplace, carriers will offer transportation pollution liability coverage to address these exposures.
The Federal Motor Carrier Safety Administration mandate which requires nearly all U.S. truck operators to use electronic logging devices (ELDs) to track duty status has been upheld in court and will take effect December 16, 2017. The mandate will impact not just the trucking industry, but the trucking insurance sector as well.
Motor carriers must continually battle the Safety Measurement System (SMS) and the public misperception its data creates, which often leads to higher premiums and difficulty obtaining coverage. Is there a clear solution to the problem?
The Federal Motor Carrier Safety Administration is considering a proposal for regulations that would increase the minimum insurance limits for motor carriers - a change that could significantly affect smaller trucking companies.
Finding coverage for an experienced motor carrier with an above average safety history should be an easy task. However, coverage is often determined by the way a risk is presented - and interpreted. Usage of tools like Central Analysis Bureau (CAB) reports can.