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…
Lessons Learned from the Pandemic: Innovation and Diversification Move the Needle for Growth
From boom to bust The record home sales and relocations following the pandemic were certainly an anomaly, and let’s be honest, not one we’re likely to see again soon. The combination of low interest rates, a robust housing market, the increase of work-from-home opportunities, and the urban exodus all added up to a moving boom…
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…
Is Truck Rental Reimbursement Coverage Necessary in a Not-at-Fault Accident?
This is a question I hear frequently and one that doesn’t always have an obvious answer. Let’s take a look at a recent claim to highlight the nuances of this coverage. One of our Moving & Storage insureds was in a no-fault accident. They had not purchased any rental reimbursement, instead relying on the Uninsured…
How an Underwriter Assesses a Moving Company’s Financial Stability
Have you ever wondered why insurance companies require an annual financial statement? What are they looking for and how does this information fit? The primary reasons that financials are an integral part of the underwriting process is to identify and red flag accounts with a poor financial outlook. Accounts with a poor financial outlook are…
The Importance of the FMCSA Requirement for ELD Specific Devices
In 2014, the FMCSA announced its intention to mandate the use of Electronic Logging Devices (or ELDs) for all motor carriers in the country, with a few exceptions. As of 2019, all non-exempt commercial drivers must be using compliant ELDs in order to log active hours of driving. This mandate was put in place to…