Get a Load of This!! - A Monthly Trucking/Transportation News Letter by Reed M Rhoden, CIC, TRIP; November 2020

Good Morning Truck Insurance Enthusiasts!!! Halloween is behind us, and I hope everyone is looking forward to a really weird, socially distanced holiday season! Here are some of the top stories affecting us now

Top Trucking Industry Issues for 2020

According to the American Transportation Research Institute, The ongoing driver shortage tops the list of concerns for the trucking industry for the 4th year in a row. Another top 10 concern also addresses drivers but the retention of the valuable talent they already have. Insurance cost and availability also made its first appearance on the list since 2005. I’m not sure how this has failed to be a top concern before now. Full list below:

1. Driver Shortage                                                             6. Driver Retention
2. Driver Compensation                                                    7. Tort Reform
3. Truck Parking                                                                8. Economy
4. Compliance, Safety, Accountability(CSA)                    9. Detention/Delay at Customer Facilities
5. Insurance Cost/Availability                                            10. Hours of Service Issues

Article Here

One potential remedy being discussed is an expansion to the Military Driver Pilot Program. ttnews.com reports that the program allows veterans between the ages of 18 and 20 who possess the US Military equivalent of a commercial drivers license to operate trucks in interstate commerce. Story here. 

Nuclear Verdicts and Tort Reform

According to freightwaves.com, this month, a Florida jury handed down what is believed to be the largest verdict ever against a single trucking company defendant. $411 million. Verdicts like these are why tort reform made the list of top 10 concerns this year. Full story here.

In related news, an ATRI study found that the best thing truckers can do to protect themselves is to be safe and document it. In an interview with ATRI, Ted Perryman, a trucking defense attorney with St. Louis law firm Roberts Perryman, said “make sure all you paperwork is in compliance as to driver qualification files, hours of service records, and employment verifications” He goes on to say, “If there is an issue, even if its unrelated to the accident, plaintiff attorneys will focus on that, and juries will hit you pretty hard if the truck is not well maintained” Full Story here

Commercial insurance rates up across the board in Q3

Online insurance exchange, Market Scout Corp, reports rate increases on every line of coverage and industry class in the third quarter. D&O leads the pack with an average increase of 11.5%. Commercial Auto, including trucking, is clocking an 8% increase over the same time period. Full Story here.

Here is a great article from Liberty Mutual about trends that are driving these rate increases.  

COVID19 News

Businessinsurance.com reports that federal courts in Atlanta and Los Angeles have dismissed lawsuits filed by restaurants against Nationwide Mutual Insurance Co, and Travelers Cos respectively, but a state court ruled in favor of an Ohio restaurant in a suit brought against Cincinnati Insurance Co. We will more than likely continue to see these play out in a variety of different ways as there is no real precedence to apply. Full story here.

The American Trucking Association wrapped up their 2020 Management Conference & Exhibition(MCE) with a new first. The conference was completely virtual! Details here.  

At MJ Hall and Company we pride ourselves on our speed to market, and quote turnaround. Risks with 1-5 power units will generally received an APD, and/or MTC quote the same day(or within 24 hours). 

Send us your Truckers GL, APD, and MTC Today!!!!!!!!!!!!!!!

Reed M Rhoden CIC, TRIP

AVP/Senior Broker

[email protected]