zorry
Veteran Expediter
That may raise the value of your real estate.
Insurance Option
- Thread starter BobWolf
- Start date
That may raise the value of your real estate.
21cExp
Veteran Expediter
As Shelly wrote in her first of the three part series blogpost:
"...the reason we continuously partner with Progressive is because they are the only insurance company that has embraced the Expediting niche for the coverage required.
Traditional Truck Insurance companies don’t want anything to do with Expediting for small Motor Carriers or individual Owner Operators. Traditional General Insurance companies won’t cover Trucking for Hire with an Unlimited Radius. …and there are painful claims issues with these companies when someone sneaks in an Expediter where they don’t belong."
Traditional Truck Insurance companies don’t want anything to do with Expediting for small Motor Carriers or individual Owner Operators. Traditional General Insurance companies won’t cover Trucking for Hire with an Unlimited Radius. …and there are painful claims issues with these companies when someone sneaks in an Expediter where they don’t belong."
As she continued in her 2nd post of the series:
"Acuity, Allstate, American Farm, Auto Owners, Geico, Grange, Great American, Great West, Hartford, Lloyds, Nationwide, Northland, State Auto, State Farm & Zurich simply DO NOT insure Individual Expediters with the specific coverage requirements unique to our industry."
It's not just for multi-carriers. I had to get the Progressive policy with 1,000,000 Primary Liability and 100,000 Cargo through CIS just to work with one outfit as additional insured. To add another outfit adds, I think, $15-20.
Also, it's been mentioned a few times in these threads about gaming the system; getting a policy and then canceling and using the cert, etc or not even having cargo coverage. It's my understanding that each party listed on the insurance through CIS (as additional insured to the policy holder), is notified they have been named as additional insured and what the coverage is.
I assumed that should the policy holder cancel their insurance or modify it to the extent of not being properly covered any longer, that the additional insured would be notified of that as well.
If that's not the case, it should be. If carriers were notified each time an insured party no longer carries sufficient coverage, it may reduce the number of Uglies and weed out a lot of what's causing the problems and dramatic uptick in premiums.
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I would rather have them base some of the rates on a persons credit. All the statistics as a group show that folks with poor credit history carry a higher risk. There are always exceptions, but they are looking at it as a group. As that continues to be used, it keeps my rates lower so we benefit.
If this group continues to scam the system, Insurance companies will just not cover individual operators anymore....pretty simple...abuse it, you lose it...and some decent operators will be forced back into the carrier force...
21cExp
Veteran Expediter
Those that will lose it are not those who are abusing it. The ones who are abusing it already don't have it. The one who will lose it are the ones who are doing things right, suffering because of the few jerks who have gamed the system.
Shelly has made it clear she rarely even sees those operators, and that the "vast majority" of O/O's with their own insurance are "honest, hardworking, patriotic people."
Shelly also made it clear that the rates are primarily going up "because the Expediting Loss ratio for Progressive on this segment is currently sky high. (Example: For every 1 dollar they’re insuring, they’re losing 3.)"
MAYBE if these insurance companies did some good old fashion investigation....you know with the fees they collect....they could grab these guys instead of punishing everyone...I think they are called insurance investigators?....
21cExp
Veteran Expediter
Well, from what I see and am hearing, I'm making more as a solo O/O leased on with a small carrier with my own insurance than most are with the bigger carriers like the Cat, E-1, Tri-State, Bolt, or any number of the smaller carriers like Ground Flight, etc that provide insurance.
I turn down low paying runs, keep my rig clean and safe and well-maintained (I daresay it always runs better and looks more professional than most of the CV's I see that run for those named above), and always properly insured. I have a growing resentment for being continually lumped with what most see as the CV "bottom feeders" or that all CV's must be scam artists, etc. Been fighting stereotypes all my life, and this is no different.
Though with insurance rates climbing dramatically and fuel costs continuing to rise, it's not going to make sense for a lot of CV and Sprinter drivers to continue, whether on their own or with a bigger carrier, and it may weed out not only the gamers but a lot of good people, too.
Or it will increase the number of those that run cheap in rat vans, game the system, and will increase the resentment towards that sector of freight-hauling.
And THAT is what would drive me out...to be one of the few doing it right, but paying dramatically more for the privilege of doing so because of the idiots who could not care less and have no biz sense.
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21cExp, you are correct. When the Motor Carrier is listed as Additional Insured on an Owner Operators' policy, that Motor Carrier has "rights" to that policy, including notification of changes and cancels.
Most Insurance Agencies reply on the standard 30 day snail mail notice that was always used in the past. CIS believes this is not adequate, so updated procedure to better serve the Expediting Community.
Anyone listed as Additional Insured on a CIS/Prog policy receives a 3-5 day PRIOR "heads up" when a policy is pending cancel for non-pay...that gives the Motor Carrier some time to pull the Owner Op off the board.
For those Owner Ops who try to game the system by calling Prog Direct at night to reduce coverage or cancel, we scan our Prog screens and reports in the morning when we come in the office.
Our girls then E-Mail the change or cancel to any Additional Insured on that policy, so at least they know in real time, versus waiting 30 days for an insurance company or agent to snail mail them the notice.
Thanks for your thoughtful interpretation of my 3 blogs this week, I appreciate it.
...and to anyone searching for more security and higher pay under the"Multis", please refer to the 3rd blog posted today. Thanks, everyone! Shelly
Most Insurance Agencies reply on the standard 30 day snail mail notice that was always used in the past. CIS believes this is not adequate, so updated procedure to better serve the Expediting Community.
Anyone listed as Additional Insured on a CIS/Prog policy receives a 3-5 day PRIOR "heads up" when a policy is pending cancel for non-pay...that gives the Motor Carrier some time to pull the Owner Op off the board.
For those Owner Ops who try to game the system by calling Prog Direct at night to reduce coverage or cancel, we scan our Prog screens and reports in the morning when we come in the office.
Our girls then E-Mail the change or cancel to any Additional Insured on that policy, so at least they know in real time, versus waiting 30 days for an insurance company or agent to snail mail them the notice.
Thanks for your thoughtful interpretation of my 3 blogs this week, I appreciate it.
...and to anyone searching for more security and higher pay under the"Multis", please refer to the 3rd blog posted today. Thanks, everyone! Shelly
come up with your own group name and you won't get lumped in....
there is no way to break an individual out...like you and Fastrod doing it the right way....
21cExp
Veteran Expediter
Thanks Shelly, I appreciate the additional info and you adding to this thread and the others. I've been quoting you and your blog posts left and right in hopes more people will go read them in their entirety.
21cExp
Veteran Expediter
Not sure what you mean, Ken...group name for on here in the General Exp Forums? Or start our own "carrier" message board where we just talk only to each other, like kids whispering in the dark? Heh. Or start our own group name for out in the real world, like "The Right Way Guys" and put that on our vans?
That was my thought. Especially when someone called and they won't insure outside of that local area.
the right way guys sounds cool....lol
Speedwagen
Seasoned Expediter
With rumblings of rate cutting and insurance rates exploding for many, it sounds like a great "weed out" will commence, possibly for a doing it the "right way" guy like me (who even has good credit...)- I'd stay if the rates went up to a acceptable level for the services rendered.
I still look in amazement at the Roberts Express rate sheet from years ago...
I thought, and believe still, that expedite means/ meant "premium service/ premium price"...
After the dust settles, I can see it now:
Announcement:
"Introducing UShip/ Expedite Wars on The History Channel"
Run with no authority, no insurance, and butchering rates- the customer doesn't care- he just wants his stuff moved cross country for his "budgeted" price of FREE...
I call dibs on the first B2B "puppy" load to Laredo!
I still look in amazement at the Roberts Express rate sheet from years ago...
I thought, and believe still, that expedite means/ meant "premium service/ premium price"...
After the dust settles, I can see it now:
Announcement:
"Introducing UShip/ Expedite Wars on The History Channel"
Run with no authority, no insurance, and butchering rates- the customer doesn't care- he just wants his stuff moved cross country for his "budgeted" price of FREE...
I call dibs on the first B2B "puppy" load to Laredo!
My name on the Expediter wars show will be "Bam Bam Bids Low!"
WAIT...that was your name once....LOL