It’s certainly not new news that Commercial Auto Insurance Premiums continue to rise, but it’s worth a closer look at the factors behind the increases and what steps movers can take to mitigate potential increases. Why are Premiums Increasing? The short answer: The average claim payment in commercial auto has increased significantly over the past…
Ask an Underwriter: Warehouse Receipts and Legal Liability Q&A
As an insurance underwriter for the moving and storage industry, I get asked a lot of questions about warehouse receipts, so I thought it would be worthwhile to dive into the details of this legally binding contract between the mover and their storage customer. Q: What does our moving and storage insurance policy cover? A:…
5 Policy Renewal Prep Tips to Control Your Insurance Premiums: What you Don’t Know Could Hurt Your Wallet
So, your insurance policy for your moving and storage operation is up for renewal. What can you expect? Unfortunately, you can count on commercial auto insurance premiums to go up. Why? The simple answer is that the average claim payment in commercial auto liability increased by 39% between 2019 and 2023. This spike is due…
Movers, do you Need to Purchase Bonds?
In my 18 years of writing bonds, I have found that many moving and storage customers do not realize they need a bond until the last minute, which can put them in a difficult situation. Recently, I had such a situation with a customer who needed a military bond immediately, and the window that DPS…
Negligent Entrustment: Never Worth the Risk
In fleet management, “negligent entrustment” means allowing a vehicle to be driven by someone who is deemed unfit to operate it, putting others at risk. When you allow an employee to drive a company vehicle, whether you have knowledge that they are unqualified or incompetent to drive safely or have not confirmed their driver qualifications through…
How to Save Money on Truck Insurance
Recently, our Chief Underwriting Officer, Terri Moran was interviewed by The Inside Lane for an article about truck insurance for fleet owners. Here’s an excerpt from “How to Save Money on Truck Insurance”: Premiums for commercial trucks run from $5,000 up to $40,000 a year, with most vehicles landing in the $15,000 to $20,000 range,…