“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. xsetra

    xsetra Road Train Member

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  3. calnca

    calnca Medium Load Member

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    Sorry, but your wrong.

    We (insurance carriers) don't combine all lines of coverage to establish rating parameters. Each line of business (Commercial Auto, Personal Auto, Homeowners, Commercial Property, Inland Marine etc) all have their rates levels calculated based on the results from that line of business.

    We are involved with OO and small fleet operators. The MEGA trucking operators ARE self insured, at least for the primary $ 1,000,000 limit required by the FMCSA. They then need total limits much higher to protect assets etc, and they then come to the voluntary insurance marketplace to build up those limits....in some cases up to $ 100,000,000 or more.

    We are NOT involved with the FMCSA......they establish what limits are required and we abide by what they require. We, as an industry, are not pushing for higher limits for trucking operations.....it's not our job.
     
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  4. Doealex

    Doealex Medium Load Member

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    I appreciate your insight into your industry and if you look at my previous post I did admit that insurance companies are not the culprits of this increase. Furthermore, I did some extensive research into this matter and indeed U.S. Rep. Chuy Garcia D-Illinois brought this issue to the floor last year; his main campaign contributors are:
    Lawyers/Law Firms $91,060 $78,560 $12,500
    Transportation Unions $67,820 $2,320 $65,500
    Industrial Unions $38,800 $300 $38,500
    Real Estate $36,208 $22,708 $13,500
    Public Sector Unions $35,027 $27 $35,000
    House lawmakers vote to raise mandatory insurance coverage to $2 million - FreightWaves
    Rep. Jesus Garcia - Campaign Finance Summary
     
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  5. xsetra

    xsetra Road Train Member

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    Always, follow the money!
     
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  6. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    He has re-introduced another like bill this year. Rep. Chuy Garcia’s Insurance Act, HR2687, will again attempt to increase the minimum insurance requirement on motor carriers all the way to $4.923 million. Where he came up with that number, who knows. From Landline mag:
    Insurance Act’s latest version calls for 556% increase - Land Line
     
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  7. Doealex

    Doealex Medium Load Member

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    It's not only him, there was another guy from PA last year I remember; I am sure there a lot more of them.
     
  8. jamespmack

    jamespmack Road Train Member

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    Oh whsts his name. The prick who's inlaws own a law firm known for suing trucking companies.

    Why not ol Mitch McConnell wife was secretary of transportation Chao. Her family owns one of the largest ship lines in China which include the chassis and containers.

    I dont like her replacement either. But his family dont own a large percentage of a global market.

    I dont believe anyone would seek public office for personal gains.
     
  9. Doealex

    Doealex Medium Load Member

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  10. Canadianhauler21

    Canadianhauler21 Heavy Load Member

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    These ####### mega carriers give me a headache.

    Yeah you are in business by paying your driver's garbage, putting all this *safety* crap in your trucks. Raise the pay and see how fast you go out of business.

    Basically what I grabbed from this is raise the insurance to 2M and take a pay reduction from 60 cpm to 40cpm because of the "greater good". Carriers have to cover that cost somehow.

    I hope us express gets hit by a nuclear verdict sometime in the near future. You know for the "greater good".
     
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