Insurance renewals in the trucking industry require specialized knowledge; dealing with insurers and underwriters/agents with expertise affirms that a trucking company will be covered and therefore protected as much as possible against any losses particular to the type of work they do (what equipment they have, the products they haul, how far they travel, how many truck and trailers are in their fleet, to name a few).

So, if your insurance is up for renewal, where is the best place to start? The best thing to do is plan a few months out, so that you can make sure you get all the details that allow you to make the best decision. Here’s some helpful points to help along the way:

  • Contact your current insurance agent, and at least one other (some good trusted others: Yakima based ECTIS Inc., and  NASTC Insurance)
  • Request that all agents name the insurance companies they would like to access for the policy – this is usually a maximum of 5. This is an important point as it helps avoid confusion with markets being blocked and agents requesting broker of record letters from your company. Give your agents a deadline to have this work finished at least a week or 10 days prior to your renewal date. This will give you enough time to go over all the details and provide any additional information to your agent before making your final decision.
  • Be sure that your current agent (and any prior ones you have dealt with) have given you current loss runs (current being not more than 2 months old). Underwriters require 4 years of loss runs. As these can sometimes take time to obtain (especially true if you have had multiple agents through the years), so the sooner you have this information, the better. Remember, the information belongs to you and is always good to have on hand!!! If necessary, you can ask the insurance company directly and they will provide you with this information.
  • As a heads up, the agent will require the following paperwork: loss runs, driver roster, last four quarters of IFTA reports.
  • It is recommended that you detail all the reasons that an insurance underwriter would like to insure your company – participation in safety meetings, presence of security fencing and lights, management experience, driver hiring standards, etc. This is an important marketing piece and is your chance to showcase what sets you apart from others!
  • Check your current DOT Safety Rating status and your CSA score to make sure that all ratings are satisfactory. If any are outside of the norm, be sure to have a suitable explanation prepared.
  • Fully review all the details of the coverage as outlined by all agents. In particular, get them to explain any exclusions fully.

Need more tips on insurance? Check out Expert Interview: Ed Chadwick Discusses Cargo Insurance Basics!

Is your insurance up for renewal? Read this article to find how best to market the process! was last modified: by