If they raise the liability minimum to $2 million or more...

Discussion in 'Ask An Owner Operator' started by TallJoe, Jan 30, 2021.

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  1. scoobertdoo

    scoobertdoo Road Train Member

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    An insurance expert once told me, "the first million dollars is the most expensive. You can get 5 million for not much more"

    I worry about the first year for a new operator. Its already edging over $20,000 for the first year.
     
    scoobertdoo, Jan 31, 2021
    #31
    God prefers Diesels, 86scotty, Accidental Trucker and 1 other person Thank this.
  2. kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    Many so called "self insured" companies really do carry insurance. but as far as the DOT minimums they do cover the amount themselves. If a mega filed a claim every time one of their drivers an an accident, their insurance carriers would go nuts. With the sizable judgements anymore the big carriers insure but with a high deductable. My last tanker company had a 2 million dollar deductable. Anything under they covered themselves.
     
    kemosabi49, Jan 31, 2021
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  3. 86scotty

    86scotty Road Train Member

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    LMAO! Me neither Joe, I don't think I'm quite ready.

    Great info Steve, thanks. For the price I think I'll keep mine but dang, I felt better before I read that.
     
    86scotty, Jan 31, 2021
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  4. AKDoug

    AKDoug Medium Load Member

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    I have 1 million umbrella coverage for my business, however it does not cover anything related to cargo hauled for others, it only covers my business properties and vehicles on company business. It specifically does not cover any "for hire" loads I do. I drive my insurance company nuts since I have trucks that do company deliveries for items we sell, and trucks for hire.. and those trucks cross over on certain days.
     
    AKDoug, Feb 1, 2021
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  5. God prefers Diesels

    God prefers Diesels Road Train Member

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    Peasant.
     
    God prefers Diesels, Feb 1, 2021
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  6. TallJoe

    TallJoe Road Train Member

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    What else...? Only with a truck and trailer instead of ox and plough.
     
    TallJoe, Feb 1, 2021
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  7. bonder45

    bonder45 Road Train Member

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    Ugh - this always upsets me because these companies always want more and more.

    I currently have to have:
    - 1 million Auto ( 18k / yr )
    - 1 million General liability ( $750 / yr )
    - 1 million Pollution ( 1k / yr )
    - 100,000 Cargo ( $750 / yr )
    - 5 million Umbrella ( 8k / yr )

    This is on 2 trucks, 4 trailers and 1 pickup.
     
    bonder45, Feb 1, 2021
    #37
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  8. TallJoe

    TallJoe Road Train Member

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    Unfortunately, in this profession as long as you are the driver and the perpetrator of any harm, there is little you can do to escape liability claims - perhaps many of them more lame than real, once they know what the equity on your house might be. It is different when you don't drive and your hired driver injures or kills someone. At that point the corporate shield actually works and protects your personal assets.
     
    TallJoe, Feb 1, 2021
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  9. Ruthless

    Ruthless Road Train Member

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    I wonder how that AB-5 getting promoted to a national agenda will affect trucking for all the leased on Owner Operators.
    There was something in the news about it in the last weeks, regarding the US Department of Labor posting and then deleting a portion clarifying the position on it from the federal standpoint.
     
    Ruthless, Feb 1, 2021
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  10. wichris

    wichris Road Train Member

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    Pretty easy cure for that. Two check system @ minimum wage. Have already done that to some leased on here so they get access to reasonable medical and 401.
    Biggest affect would be on the LP people that don't even clear a minimum wage.
     
    wichris, Feb 1, 2021
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