Sen. Charles Schumer (D-N.Y.) said on June 16 he would push to raise the minimum insurance liability that truck companies are required to hold when the Senate considers a fiscal 2015 transportation funding bill as early as June 17.
June 16, 2014Business
Fleets Oppose Obama Administration Plan to Eliminate FMCSA Self-Insurance Option
Some of the nation’s largest trucking companies are joining forces to oppose the Obama administration’s plan to eliminate a self-insurance option for motor carriers.
June 16, 2014Business
FMCSA to Raise Minimum Levels for Carriers’ Required Insurance
The Federal Motor Carrier Safety Administration said it plans to raise the required $750,000 insurance minimum for interstate motor carriers because the amount is not adequate to cover the cost of some serious crashes.
April 28, 2014GovernmentBusiness
FMCSA Says Motor Carrier Insurance Requirements Inadequate for Some Crashes
The current financial responsibility minimum of $750,000 for motor carriers is inadequate to meet the costs of some crashes, according to a Federal Motor Carrier Safety Administration report released April 18.
April 18, 2014Business
Bill Proposes Massive Boost in Truck Insurance Minimum
The minimum injury and property damage insurance level for trucking companies would rise nearly 500% to $4.4 million from the current $750,000 under a measure proposed by a congressman who said the current level is insufficient to protect crash victims.
July 29, 2013EditorialBusiness
Editorial: An Insurance Kerfuffle
The move by Rep. Matt Cartwright to force all motor carriers to increase their minimum injury and property damage insurance coverage by almost 500% is a misguided solution in search of a problem.
July 29, 2013Business
Bill Would Boost Carriers’ Insurance Minimums Nearly 500%
A House bill would increase the minimum liability insurance trucking companies must have to $4,422,000, from the current $750,000, which hasn’t changed in 33 years.
July 22, 2013PerspectiveBusiness
Opinion: Turn Risk Into a Competitive Advantage
In speaking with hundreds of trucking company executives over the course of my career, I’ve noticed two distinctly different mentalities when discussing insurance: There are those who buy insurance, and there are those who manage risk.
November 5, 2012Business
Fleets Should Expect Rising Premiums for Insurance Coverage, Experts Say
Fleets should expect rising insurance premiums, especially for property/casualty and workers’ compensation lines, executives and insurance brokers said.
November 5, 2012PerspectiveBusiness
Opinion: Read the Fine Print of That Insurance Policy
If some enterprising psychologist hasn’t done so already, an intriguing study could be conducted on why so many otherwise intelligent people have never managed to read all of a warranty, a homeowner’s insurance policy or even the instruction manual that came with the latest piece of pricey electronic equipment.
August 20, 2012