“If a carrier can’t afford premiums on a $2 million insurance policy ... should be ... trucking"

Discussion in 'Other News' started by Doealex, May 16, 2021.

  1. Scooter Jones

    Scooter Jones Road Train Member

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    I was just asking for clarification on the thread title. The way it is worded is a little confusing. But I catch his drift. I will say that even if you're a one man dog & pony show and you have any kind of assets, 750K GL is probably not enough insurance protection.
     
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  3. calnca

    calnca Medium Load Member

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    Most, if not all of the major trucking insurance carriers won't have any issue with providing $ 2MM limits. The additional premiums will range from 20 - 50% over their existing $ 1MM pricing. Obviously, if you are one of the few that still has $ 750,000 CSL the additional premium will be a higher percentage.
     
  4. buzzarddriver

    buzzarddriver Road Train Member

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    Surely it's not driven by the "Truck Wreck" lawyers seeking higher payout's for their client's(read, the lawyers bank account)???
     
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  5. jason6541

    jason6541 Road Train Member

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    Not the politicians with ties and or stakes in law firms who specialize in truck wrecks. It’s all about the Money nothing more. Ok so let’s say we go to 3 million dollars that is going to cause more inflation in the economy. Mega fleets are self insured so they could care less.
     
  6. jamespmack

    jamespmack Road Train Member

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    97% of fatal truck crashes fall bellow minimums. Its a gamble. But I carry a million liability, 2 million general, 150k cargo, 1 million personal embrella.


    Cash grab by greedy pricks.
     
  7. Mike250rs

    Mike250rs Heavy Load Member

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    Pretty much..
    Hard for a lawyer to enjoy a nuclear verdict if the company folds before the gavel drops.
     
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  8. Doealex

    Doealex Medium Load Member

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    Nothing personal, and I could be wrong, but from your past posts on this forum, it looks like you're representing insurance companies here. You have a vested financial interest in this matter and it is opposite to the interests of the trucking community. I can't vouch for every owner-operator but I don't mind risking with my own assets if the verdict is more than the $750K minimum mandated by FMCSA.
     
    Last edited: May 18, 2021
  9. calnca

    calnca Medium Load Member

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    Granted, I work for a Berkshire Hathaway insurance company as a Underwriting/Office Manager. Don't sell.

    My comments are to inform you guys based on my 52 years of doing this gig.

    From what I've heard/seen on the forum, the vast majority don't have a clue about how insurance companies work, or how they think....so just try to give you a inside view.

    I retire at the end of next month, so REALLY have nothing to gain from my comments.
     
  10. Doealex

    Doealex Medium Load Member

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    Do you own any stocks issued by the insurance companies? Is your 401(k) invested in the insurance industry? Please try to give a little more credit to truckers' mental capabilities here; we want to comfortably retire just like you one day without going broke by government overregulation.
     
    Last edited: May 18, 2021
  11. calnca

    calnca Medium Load Member

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    Well of course I own BH stock.....but not sure how germane that is to what I have commented on.....I've never tried to "sell" anything or to anyone on the forum.....just give a view from the insurance carriers view in lieu of your myopic view.
     
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