Publix Insurance Agency Blog
Commercial truck insurance rates continue to rise. According to a second quarter 2020 report from the commercial insurance broker Marsh, over seventy five percent of commercial vehicle accounts
experienced a rate increase in the most recent quarter. The average rate increase was between ten and twenty percent. Truck liability insurance is critical to an operator’s success. Any significant premium increase places a financial burden on the truck carrier.
The past year has been difficult for cargo insurance companies. Three claims in particular had an adverse impact on the cargo insurance industry. A big loss at a distribution facility following tornados in Nashville, a loss in the Port of Beirut and a loss aboard the Golden Ray vessel, which lost 4,200 vehicles on board. All cargo insurance carriers share the same reinsurance markets, so ocean cargo and international losses influence the domestic truck cargo insurance market as well. These large losses lead to increased premiums and coverage changes for all cargo insurance policies.
Bloomingdale, IL, : Publix Insurance Agency has become the latest organization to join North
American Punjabi Trucking Association (NAPTA) – an organization that brings together
members of the trucking community to encourage safe practices, professionalism, highest
standards of service, and prosperity.
Women’s roles in the workplace have changed over the last 50 years. As family dynamics have shifted, and fewer women are marrying and having children, they have had a wider variety of options for work away from home. Among these options, a newer trend is truck diving. The Wall Street Journal reports that between 2010-2018, the number of female truck drivers in the force has increased by 68%. Though this sounds like a large number, a closer look demonstrates otherwise. According to 2018 statistics from the American Trucking Association, approximately 234 000 long-haul truckers are women, making up only approximately 6.6% of the 3.5 million-person workforce. Nonetheless, the numbers are rising, slowly but surely.
We've been receiving questions from our insureds in regards to whether or not there is coverage for COVID-19 related shut downs, etc.
The primary mission of the Federal Motor Carrier Safety Administration (FMCSA) is to reduce crashes, injuries, and fatalities involving large trucks and buses. For over twenty years, this organization has implemented various plans in an effort to fulfill its mission. Establishing drug and alcohol testing is one tool used by the organization to try to minimize the number and severity of accidents.
Given today’s focus on technology, the art of truck driving has lost its allure. While drivers can earn a good income, the job does not attract new drivers the way it did in the past. Further exacerbating the problem is turnover, which often exceeds 90% in this industry. The American Trucking Association (ATA) recently noted that the industry needs more than 60,000 more drivers to meet demand. This is a 20% increase from the previous year. The ATA also indicated that due to growing demand, the industry must hire more than a million new drivers over the next decade.
The Federal Motor Carrier Safety Administration (FMCSA) governs safety for commercial truck drivers. One important rule revolves around how much consecutive time a commercial driver may operate a vehicle without a mandated period of rest. These rules also set requirements for how many hours drivers can operate a truck over the course of a week. These long-standing “hours of service” rules protect highways by making an effort to minimize potentially unsafe truck drivers.
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