H.R. 2730 Your liability insurance is about to go up in the name of "Safety"

I first heard about this on Land Line Now on SiriusXM 128. I contacted my insurance agent regarding this legislation to get his response and how it would affect my rates. He didn't know anything about HR2730 as he had not heard of it. I briefed him on what the act is attempting to do and sent him a couple of links.

However, based on the information I gave him, my agent said it is hard enough to get insurance for O/O for 750K or 1 Million. If the minimum goes go up, he believes that not only will it put O/O out of business, it would put a lot of insurance companies out of business. This is a bad deal all around.

I pay $1063 for a $1 million liability policy. If the actuarial stays the same, that would be about $4300 a month for a $4.3 million policy. It would take one week's revenue to pay for my insurance. Currently I pay all my trucking related expenses (except fuel) with one week's revenue.

What I suggest, and have done, is contact your local representative and let them know your thoughts. Better yet, this bill is still in the Transportation & Infrastructure Committee headed by Rep. Charles Schumer (d-PA). You may have to call or send a letter to their offices, but it would be better to kill this in committee than try to kill it in the full house. Also post on you facebook page and get your friends in on the act. The more people that oppose this bill, the better chance of killing it.

 

Ooops. My bus. The T&I Chair is Bill Shuster, not Charles Schumer.

 

It is one of the reasons that many companies when sued, end up being self insured for the amounts over the minimums.

It makes no difference to the attorney since they get the larger amounts now as well.

I can see some major issues with the forced carrying of the higher insurance since most insurance companies are not equipped to withstand the committed amount and the rates will definately be an increasing cost.

It is something that should have been going up gradually and not as a major increase factor.

It will be another incentive for those without insurance to run under the scope.

 

I'm not a trucker. But, I will be sure and contact my representative about this HR2730 bill.

 

It's amazing no one brought up that all the co sponsors are democrats. Democrats are supposed to be for the little guy.

 

A bill written by an attorney that sued trucking companies.

Also, used numbers based on large, self insured carriers.

Finally, this bill was dead on arrival. It was never intended to pass. But it makes for great fundraising amongst other personal injury attorneys.

 

Probably because political comments are restricted to the political area and most just avoid it.

There are two ways of looking at this.

One, with the higher lawsuits and the limited coverage, the insurance industry is limited on the amount of the risk involved which forces the risk to the insured.

If you move the risk back to the insurance company it lets the little guy have a bit more structure and security by way of the risk.

There is no way a reasonable person could agree that the insurance coverage of the 70's is sufficient for the current time.

 

The real problem is that the greed factor has gotten into the deal. Those that are injured and the vultures involved that masquerade as lawyers.

In no way do I feel safe that 750,000 is a safe number. Just the increased medical costs alone from 1970 eat this up.

 

It really doesn't matter whether its democrats or republicans. They're all in the bed together and the only that matters to all of them is money and if you're not some big corporation they're not even trying to listen to you. Ridiculous bills like HR2730 will keep coming. We at the bottom have to stick together and fight the best way we can.