Happy New Year!
Here is 2013, a new year, more daylight ahead, and winter driving to deal with. As you prepare for another year of trucking, now is a good time to assess the state of your preparations.
Maintenance checks and safety checks: now is the time to take stock and bring your work up to date. This also includes looking at the state of your insurance needs and coverage.
Have you added trucks to a fleet? Brought on kinds of business? Hired a driver? You’ll want to make sure that your insurance coverage is also up to speed.
Are your documents up to date? Make sure you have vehicle registrations, your current insurance policy declarations page (“dec page”), driver’s license numbers and basic driving histories of all drivers, including speeding tickets and VIN numbers (vehicle identification numbers) of each vehicle, and verify that your lines of authority are active and in good standing.
This is a good time to review your coverage with your insurance agent. Some issues to discuss could include:
- Liability Insurance – this is the mandatory insurance which pays for any damage you cause with your truck. Driving without this insurance is an offense and could result in heavy penalties. Are all drivers and vehicles accurate on your policy?
- Motor Truck General Liability Insurance – this coverage pays for injuries or property damage you cause through business activities when outside of your truck.
- Bobtail/Deadhead Insurance – also known as non-trucking liability, this insurance is voluntary when you lease your truck to another carrier. It provides coverage for your truck when you’re not under a load and not under dispatch (i.e. when you’re having it serviced).
- Motor Truck Cargo – this insurance covers the load you’re carrying. It isn’t mandatory but some shipping companies insist on it.
- Physical Damage Coverage – also not a legal requirement, this insurance covers your truck against perils like collision, fire, theft, vandalism and flood damage. Are all of your units insured for the correct value? It is very important to review stated amounts (limits) for each truck insured.
Are you a long-haul driver? You’ll want to check with your insurance company about the radius of operation restriction for Primary Liability coverage and how they calculate it. An insurance agency may request copies of your IFTA statements to verify how far you are travelling. Keep current copies of the last four quarters in the event the company requests them.
Whether you need insurance as an owner-operator, motor carrier or private carrier, we can advise you and quickly get the coverage and the paperwork that you need.