Driving a truck is a big part of many business models, whether it is part of transporting goods and service from one business to another, or in a way that encounters more of the general public. Just like auto insurance is required for the vehicle you drive everyday for personal use, trucking liability insurance is a type of coverage that the Federal Motor Carrier Safety Administration (FMCSA) requires. According to the FMCSA, that coverage must include both bodily injuries as well as property damage.
In order to work out exactly how much coverage is needed, the FMCSA reviews the value of the cargo you have and the potential damage you can cause. It is not uncommon for some truckers to be asked to carry a half million dollars in coverage or even more.
The transportation industry faces a difficult insurance market. With a number of factors like more crowded roads, increased accident rates, distracted drivers (with the advent of smartphones), a driver shortage, and a drastic increase in judgments and jury awards, the insurance market has grown more difficult with higher costs and tighter underwriting. Part of this is due to the wide range of risks in this sector, from auto liabilities to technology and supply chain liabilities as well as the regulatory exposures that come about when working with independent contractors.
At ATM Insurance, we specialize in transportation coverage and have two exclusive trucking liability insurance programs to address the numerous risks that the industry faces, and we’d like to share our coverage details with you here.
Our Dongbu Insurance market is an A-XIV carrier that provides coverage exclusively to operations that are located within the State of California, though many of these operations do do business in other nearby states. This program targets intermodal freight haulers and trucking for hire operations, and provides general liability, auto liability, and physical damage and trailer exchange coverage, along with coverage extensions for physical damage, towing and storage.
Our program in partnership with United Specialty provides a portfolio of coverages for truckers and trucking operations in 10 Western states (California, Arizona, Idaho, Oregon, New Mexico, Washington, Utah, Wyoming, and Nevada) as well as Texas. There are two divisions of the program: the Domestic Standard and the Non Standard.
The Domestic Standard program insures container haulers, general freight haulers, and produce haulers and offers Auto Liability, Physical Damage & Trailer Exchange, and Towing coverages. The Non-Standard program offers the same coverages, same limits, and same policy language for risks that don’t qualify for standard rates.
In addition to insurance solutions, ATM Insurance also offers assistance with safety and risk management programs that will help clients to improve their risk profile. Some of these programs include driver selection, driver training, and the implementation of smart technology (such as vehicle cameras and cell phone apps that prevent usage while in motion).
About American Team Managers Insurance Services
Founded in 1998 by Chris C. Michaels, American Team Managers Insurance Services (ATM) has provided wholesale and MGA services to more than 5,000 independent insurance agents throughout the United States. Our goal is to establish close, long-term relationships with our agency partners and insurance carriers and provide competitive products for the Exclusive and Non-Exclusive markets that we serve. For more information on our products and services, give us a call at (714) 414-1200 to speak to a representative.