September highlighted the impact of nuclear and thermonuclear verdicts on the commercial auto market, signs of improvement in the property & casualty industry, and the Big “I” welcoming Angela Ripley as the new chair.
While factors like increased repair expenses, more frequent claims and stricter regulatory requirements are responsible for over a decade of premium increases, insurance remains a large cost of doing business.
Trucking companies faced $165 million in nuclear verdicts in 2023, with an increasing trend of thermonuclear verdicts. Mounting costs from these large verdicts present significant challenges for the commercial auto insurance market.
The new endorsement protects truckers by expanding coverage for perils attributed to wetness, rust and corrosion, as well as driver error and changes in temperature on refrigerated loads.
Challenges such as driver shortages, distracted driving, social inflation and changing marijuana legalization continue to impact the commercial auto market.
As the journey toward autonomous trucks begins to unfold in earnest, technology is playing a significant role in improving industry safety.
A U.S.-based trucking client’s truck and cargo were stolen in Canada, but the carrier denied the claim due to a territorial exclusion. The loss happened “before the insured had a chance to read the policy.”
With options and flexibility to customize coverage to meet specific needs, HDVI offers core coverages that trucking companies typically need for operation.
Help new transportation businesses get their wheels turning with these risk management tips.
“More and more technology is being used by insurance companies for underwriting purposes,” says independent agent Ben Hogan. “Whether it’s tracking Department of Transportation safety scores, telematics or dash cameras, there are so many ways for insuranc