Dash Cameras - The future of logging insurance
Forestry Mutual Insurance Company
Setting the standard is what sets us apart.
Dash Cameras
by Jack Williams, FMIC Agency Agent - Mississippi
Naturally, as an agent specializing in the logging insurance industry, I speak to loggers daily about their insurance needs and what's happening in the "market." It never takes long before the conversation is steered to the high price of Commercial Auto Insurance. Logging operations pay some of the highest commercial auto rates in the nation! Why is that? Why do loggers pay more than grain haulers, sand and gravel, dimensional lumber, etc.? Answer… it's complicated! A huge piece of the complex answer is the losses that insurance companies pay.
Most log truck accidents (at fault or not) result in six-figure payouts from insurance companies. Suppose a third party is injured as a result of said loss. In that case, you can bank on another six figures being added to the value of the loss. Nine times out of ten, the injured party is going to "lawyer up" to ensure they can squeeze as much money as possible out of the "dangerous logger" and the deep pockets of the "insurance company."
It has become nearly impossible to drive any distance without seeing a billboard for an attorney advertising "been hit by a big rig? call me!" Attorneys know how to manipulate the court system and squeeze money out of the insurance companies… it's never the innocent private passenger vehicles' fault. The blame has always been placed on the big rig. Well, now things have changed, and for the better!
Cloud-based dash camera systems like Vestige and Samsara offer loggers and the insurance industry a huge advantage in driving down the legal costs associated with commercial auto accidents. The cloud-based dash camera is the independent third-party witness to all accidents now. The days of "he said she said" are past. There is proof now of what speed your driver was traveling, their location, loaded vs. non-loaded, and most importantly, an accurate snapshot of who was indeed at fault. Assuming your truck driver followed the correct protocol and was not at fault. Your insurance company can use the data captured by the camera to argue in court and save the company/industry hundreds of thousands of dollars. At a macro level (where the insurance industry operates), saving $100,000 on, say, 35 – 40 percent of accidents that happen each day equals significant time savings for the industry that are ultimately passed onto insureds.
Not only are cloud-based dash cameras saving insurance companies money in the courtroom, but they're also telling underwriters that your company is committed to safety! A commitment to safety is factored into the underwriting process…it shows the insurance company that you're "doing the best you can." In addition to the rate savings you can recognize, you can also hold your drivers accountable for their actions. Suppose they know that you're watching them. They might think twice before taking a "detour" back to the job site. Think twice about picking up the phone to thumb out a text or even something as simple as putting on their blinker before making that turn. The information these camera devices can capture is impressive and puts you in a position to know more about what's going on in and around your truck.
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The cloud-based dash camera system is such a hit with the insurance industry that I foresee all insurers requiring cloud-based dash cams in the near future. The investment is minimal compared to not running a cloud-based system in your trucks, plus many insurers offer discounts for installing cameras. At a minimum, each truck should have a forward-facing camera on the dashboard. Still, you can also install cameras on the rearview mirrors to capture the action on the truck's sides. You can even have tail cameras installed…most accidents occur behind or on the side of the truck.
Get ahead of the curve, take advantage of this technology, and remember…SAFETY PAYS!
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