From the Office to Trucking

The cancellation notice is NOT a mistake. That’s how they do business. They take your money and run or refuse a claim, and the insurance association or whatever there called can’t do anything about it because there are out of the country. Your broker should of explained it to you. Now you won’t have any coverage on those items and you will have to fork out some real money on a “A” rated carrier to get real insurance, not some OFFSHORE company. Hopefully your liability insurance is with an “A” rated carrier.
If I was you, I would your insurance broker ASAP, and ask them what the heck is going on.

 

Lloyd's of London is the largest insurance entity in the world and is absolutely A rated. It is the most financially profitable and stable corporations in the insurance industry. Smaller US insurance companies like State Farm and Allstate purchase what is called reinsurance from Lloyd's in the event of huge disasters like hurricanes and earthquakes. The reinsurance covers the losses in the event the smaller insurance company doesn't have enough money to pay for all of the claims. They are the top of the food chain in the insurance industry, and I would not hesitate to buy a policy that is backed by them.

 

OMGEEEEE!!!!....

I see a deer-in-the-headlights

@Diesel Dave already mentioned it, but I already see several concerns (and I'm a rookie, by all meanings of the word)

Here's my tips/concerns, for whatever they are worth...

1. TRAILER: Why did you not rent a trailer???? This would keep the overhead lower for the first 6 months or so... I'm paying $400/mo for a 2008 Wabash Duraplate - and have yet to be denied a load.
2. INSURANCE: Why, WHY, WHYYYYY did you not even speak to a progressive insurance agent?? The Lloyds trick is the classic bait & switch, as someone said. Get your money first, then cancel on you.
3. LOADS: WHY in the world are you pulling 40K+ LBS???? You (and your truck) are just getting to know each other??? Both Y'all need to know what to do with heavy loads. My truck can gross 80K+, which I know, since VA issues Overweight stickers, and the truck has it from previous owner...But I will NOT pull a pound over 35K Lbs, no matter what. I'm not that desperate.
4. MONEY-IN-THE-BOX: ALWAYS get a load in the trailer on friday (enroute via home), for Monday delivery...
5. FACTORING: Do not just sign up with any factoring company (if you do). I went with LOVES, and so far, I could not be happier for the wait. It took me 6 months to sift thru the b.s.
6. IFTA: Sign up with EXPRESS TRUCK TAX and GET A GARMIN DEZL truck GPS. These two tools, cut down my IFTA work to just an hour for 2018Q2

 

Awesome - keep it coming, this guy isn’t your average muppet. I’m pretty sure you can throw all scenarios in here, and he (we) will all learn here.

 

I admit the OP has some learning to do on the fly, and he will. He's extremely receptive and appreciate to both positive, as well as negative feedback which is a good thing. Keep your wits about you as well as that positive attitude you've got, and you'll sort things out as you go. I wish you nothing but good luck, and continue with the descriptive updates.

Dave

 

Great start so far. Keep us updated on your progress. I am just about to take the adventure myself. Nax where are good places to rent trailers? I am having a little bit of a harder time being a new business. Some of these guys want you to be in business for a year before they will rent or lease. I am in Missouri if you know anything.

 

Congrats!!!! All the best in your new journey