NJ Insurance Liability Law – Impacts for Movers The new legislation raising the minimum amount of liability coverage to $1.5 million for commercial motor vehicles weighing more than 26,000 pounds, will have short- and long-term impacts for New Jersey movers, insurers and consumers. In addition, it is unclear how this law impacts vehicles owned and…
5 Coverages for Moving Companies Considering a National Van Line Affiliation
by Terri Moran I was speaking with my contact at a national van liner the other day, and she mentioned that they often run into problems with insurance coverage when they are recruiting and signing up independent moving companies. If movers have not been affiliated previously with a van line, they may not have carried…
Does Your Coverage Include Protection Against Rising Truck Rental Costs?
Loss control is a critical component of managing your insurance cost and running a successfully business, especially in the transportation industry. The total dollar amount of incurred losses for physical damage and the combined liability lines of business have continued to increase dramatically since COVID. What does that mean? The cost of truck repair…
The Intersection of AI & Fleet Management: Improving Claims Outcomes at Lightning Speed
That was fast! AI hasn’t wasted any time in transforming the fleet management industry. Not only is it more efficient and streamlined, AI is revolutionizing fleet safety with enhanced risk identification, monitoring, and mitigation in the transportation industry. AI-powered telematics can automatically detect, record, and alert fleet managers to unsafe driving behaviors including excessive speed,…
Underwriter’s Corner: Named Insureds Inconsistency
With 30 years of insuring Moving & Storage risks, we do see various trends that may appear minor, but actually have large implications down the road. One recent trend that we’d like to share with our insured clients and affiliated brokers is the matching of the ‘named insureds’ listed on the policy, compared to the ‘named…
What is the difference between an Umbrella and an Excess policy, and how do you complete a Certificate of Insurance?
Umbrella and Excess policies both provide increased limits over the underlying policy. In some instances an Umbrella policy may drop down and provide coverage where there is no coverage in place, usually subject to a Self-Insured Retention (SIR.) An Excess policy will only respond when an underlying policy responds. Examples of when you might see…