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Oct 15, 2016

INSURERS RUNNING FROM TRUCKS * USA: ‘Nuclear’ Verdicts do it

* New York - Zurich Insurance, AIG dropped coverage of most for-hire fleets earlier this year


--- Truckers are finding it harder and costlier to line up coverage for their fleets, as a wave of blockbuster payouts over accidents pushes insurers out of the market... The number of people killed in accidents involving large trucks fell 20% in the last decade, according to the Transportation Department, though it ticked higher last year. But a string of so-called “nuclear” verdicts, where juries award tens or even hundreds of millions of dollars to families of accident victims, have made the financial consequences of those crashes harder to predict... Unwilling to bear the risk of large settlements and verdicts, Zurich Insurance Group AG and American International Group Inc. dropped coverage of most for-hire fleets earlier this year. Both insurers still cover trucks operated directly by retailers and manufacturers, brokers say. They had been two of the biggest underwriters for the business. Other insurers hiked premiums anywhere from 10% to 30%... AIG stopped covering trucking fleets via its Lexington Insurance Co. unit as part of a wider effort to improve profits in its commercial insurance division, the company said in a statement... Federal law requires trucking companies to cover drivers up to $750,000 per accident. Many self-insure up to around $1 million, then buy tiers of outside insurance to cover additional costs... The cost of that extra coverage is putting fresh pressure on the trucking industry, which already is mired in its worst slump since the recession. The average U.S. trucking company spent about 9.2 cents per mile on premiums in 2015, a figure that is up 44% in two years and doesn’t include this year’s hikes, according to the American Transportation Research Institute, an industry group. The figure is dwarfed by the 40 cents per mile spent on fuel and 50 cents per mile paid out to drivers. But diesel prices have fallen and salaries have edged up slightly, making the jump in premiums stand out... Concerns about accidents involving sleep-deprived drivers led the federal government to impose stricter limits on truckers’ hours behind the wheel in 2013, and starting late next year most trucks will be required to carry electronic monitoring devices to help enforce these rules. Higher insurance costs are spurring the trucking industry to adopt accident-prevention technology, including devices that alert drivers if their trucks drift outside their lane, he said...
(PHOTO: DAVID GARD/ASSOCIATED PRESS - Traffic moved past the scene of a June 2014 accident on the New Jersey Turnpike involving a Wal-Mart Stores truck, in which one person was killed and several, including comedian Tracy Morgan, were injured) - NY, USA - The WSJ, by BRIAN BASKIN - Oct. 14, 2016

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posted by Unknown @ 11:58 AM  0 comments

Sep 1, 2015

TRUCKING INDUSTRY * New Zealand - Insurance excess waiver for trucks

* Auckland - NZI offers insurance excess waiver to top quarter of trucking firms


-- More than 15,000 truck drivers may be about to get an extra incentive to go easy on the accelerator... Insurer NZI said it would waive the excesses on trucking company's insurance policies, if vehicle monitoring equipment supplied by Auckland firm Eroad showed they were in the top 25 per cent for safe driving... Eroad's monitoring systems can detect whether vehicles go over the speed limit and how heavily they brake and accelerate, and have been installed in 25,000 New Zealand trucks... NZI spokesman Ian Taylor said NZI insured about 70 per cent of the country's trucks, including probably about that proportion of the Eroad-equipped fleet... The app uses the accelerator and GPS chip in iPhone and Android smartphones to measure acceleration, braking, cornering, trip frequency and duration... Tower spokesman Mark Savage said tens of thousands of people had downloaded the app and about 30 per cent of people who used it had been offered the maximum 20 per cent discount... 
(Photo by MURRAY WILSON/FAIRFAX NZ - NZI says it will review trucking companies' driving performance every month) -- Auckland, NZ - Stuff, by TOM PULLAR-STRECKER - August 28 2015

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Oct 9, 2012

CAR'S INSURANCE* USA

* UK - Hiked hire car fees in spotlight of car insurance probe

London,EN,UK -Car and Van News -Oct 2, 2012: -- Hire car fees can soar by more than £500 when provided as part of an insurance claim, according to the Office of Fair Trading... The shocking statistic has emerged as the OFT referred the car insurance market to the Competition Commission, believing it is not working for motorists... A prime concern is that insurers of drivers at fault in an accident have no control over the cost of repairs or replacement vehicles for the driver deemed to be not at fault... The May report found that cars provided while repairs were carried out to the damaged vehicle were often hired for too long and at inflated prices... The OFT concluded that replacement car hire averaged £560 and repairs £155 more than necessary... The claim is that insurers receive lucrative fees from hire firms and garages for such business, pushing up costs and therefore premiums by £225m a year... Insurers body the Association of British Insurers (ABI) has welcomed the review, claiming that the OFT has discovered what insurers have known for years – that when a customer has a crash that is their fault, the insurer has little control over the cost of the subsequent claim...

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Nov 27, 2010

TRUCK INSURANCE * UK - Pay-as-you-drive launched

The scheme has been piloted for four months: Hauliers will be able to cut insurance bills by 25% using a "revolutionary" pay-as-you drive scheme

London,EN,UK -Road Transport, by Dominic Perry -26 November 2010: ... According to insurer Towergate Insurance, it launched a new package this morning called Azudrive, which allows drivers to only pay for the miles they cover... Larry Smith, MD at Towergate, tells: "This is a revolutionary product and could cut operators' bills by a quarter. We don't consider it fair that a haulier who's truck travels 40,000km annually pays the same as a logistics firm that covers treble that amount" ... Removals firms, skip operators and construction hauliers that frequently have low-mileage operations are expected to benefit from the new method of payment... A spokesman for the Freight Transport Association adds: "The pay-as-you-use nature of the Azudrive service will benefit those who may not have their vehicles in use 24/7. It is an exciting development especially in an environment where cost control is at the forefront of most daily agendas" ...   Smith anticipates with the 1% rise in insurance premium tax to 6% due in January, take up of Azudrive will be high...

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posted by Unknown @ 7:10 AM  0 comments

Oct 9, 2007

Truck's Insurance * USA - Preventing a Truck Hijacking

USA -An Insurance Blog1441, by Joe Trzepla -7 Oct 2007: -- While hijacking of long-haul trucks is not all that common in the United States, it does occasionally occur. Following the simple set of guidelines below can greatly increase the safety of both you and your truck:
1. Be aware of your surroundings after picking up a cargo load. Most hijackings occur within a few miles of the loading location.
2. Be wary of people trying to stop your truck for accidents. If no accident is immediately visible, contact local law enforcement.
3. If you believe an attempt is being made to hijack your truck, do not stop the truck.
4. If you believe that you are being followed, contact local law enforcement.
5. Makes sure that windows and doors remain locked.
6. Do not allow the truck to be boxed in. Always maintain a wide space in front of and behind the truck.
7. When stopped in traffic, be aware of anyone approaching the truck.
8. Always carry information that identifies your truck, equipment, and cargo.
9. If a hijacking takes place, memorize as many details as you can and write them down at the first available chance for law enforcement.
This short list of suggestions is all that it takes to remain safe and ensure that your cargo and truck are not stolen. Memorizing them or keeping them in your truck can be very helpful...

* How to Get the Best Possible Truck Insurance Rates
USA -An Insurance Blog10394, by Joe Trzepla -7 Oct 2007: -- Drivers purchasing their own truck insurance are always eligible for the most competitive rates, but there are ways to reduce your insurance premiums even further. To begin with, it is always most cost effective to purchase insurance from a company that specializes in truck insurance...
* Condition of the Truck: Unlike normal auto insurance, the age of a commercial vehicle is not of great concern. Truck insurance companies typically find that older trucks are much better cared for than newer trucks. With this in mind, it is the overall condition of the truck that most greatly affects your insurance rates. Making certain that breaks, tires, and other features that affect safety are in excellent condition is imperative when seeking to reduce premiums. These factors are ensured through Department of Transportation (DOT) inspection. Incidentally, DOT inspection is a requirement for truck insurance coverage.
* Safe Drivers are the Best Drivers: Your experience as a driver will also help to reduce insurance premiums. To begin with, most truck insurers only insure drivers between the ages of 30 and 65. Having a good driving record will reduce your rates considerably. Trucking insurance companies will also reduce rates when you have been with them for five years accident free... The degree of experience you have with long-haul trucks will also be taken into consideration. Truck insurers take into consideration the number of years that you have been driving as well as the lengths of employment. Trainings, such as safety schools are very helpful in this respect...
* A Commitment to Personalized Service: When seeking out a truck insurance company, service is almost as important as offering competitive commercial truck insurance rates for drivers. Most truck insurers offer coverage between $750,000 and $1,000,000. You should also look for one that offers cargo insurance since not all do.
* Truck Insurance Company Background: A good truck insurance company will have at least a B rating from AM Best. They should also offer coverage in most of the states nationwide.

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posted by Unknown @ 12:37 PM  0 comments

Sep 28, 2007

Truck Insurance Claim * USA - What to Know When Making one

It is important to be aware of the process involved in making a truck insurance claim, as well as procedures to be followed on the scene of the accident

USA -Domains&Finance, Internet-and-Businesses-Online/fer-domain.blogspot.com, by Joe Trzepla -27 Sept 2007: -- While most truck drivers are very careful, various circumstances can lead to accidents and truck damage claims. This is, after all, the reason why truck insurance exists... In the end, the claims process is relatively simple. The driver files a claim and the truck insurance provider sends a claim adjuster to inspect damages, after which the truck insurance claim is processed and payments are made. In order for the claims process to go smoothly, it is important to have five pieces of information for your truck insurer: your story, the stories of other drivers involved in the accident, the police report, eyewitness accounts, and physical damage at the scene. To be sure to gather this information for your truck insurance company, follow these five steps... (Photo from: fer-domain.blogspot.com)

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