W/C, certificate of Insurance

Discussion in 'Ask An Owner Operator' started by istumped, Jul 27, 2022.

  1. Derailed

    Derailed Road Train Member

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    That doesn't sound legitimate at all. If you carry wc its for yourself and only yourself unless you have employees of your own. Your premium is based on income for each person on the policy and in NY there is no more exempting yourself either. There is a minimal salary you can show, don't recall the exact amount, somewhere in the $30k range. This is one of the reasons I'm set up as a C corp and not an S corp. All that carrier needs to show when they get there annual audit is proof you have coverage on you.
     
    Last edited: Jul 27, 2022
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  3. wichris

    wichris Road Train Member

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    Using their trailer?
     
  4. istumped

    istumped Medium Load Member

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  5. ProfessionalNoticer

    ProfessionalNoticer Road Train Member

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    I've never seen this for WC but it's standard procedure for Auto Liability, General Liability and Cargo. All a COI is is essentially proof of insurance coverage coupled with a notification sent to the Holder if the policy is cancelled. Add the Carrier as a Holder and give them a copy.

    Or do they want to be added as an Additional Insured? In that case they'll be added to your policy and will be able to file a claim directly with your insurance company without your direct involvement.

    I don't add Additional Insureds to my policy but Holders are extremely common and usual business operation in my world. I wouldn't do it unless they had a very good reason for it. You'll have to ask them directly. You're running a business here. Keep that in mind.
     
    RunningAces Thanks this.
  6. wichris

    wichris Road Train Member

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    They want to make sure that if your hurt in their trailer the claim will go on your policy without a big fight.
     
    Siinman Thanks this.
  7. wichris

    wichris Road Train Member

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    What state are you in?
     
  8. istumped

    istumped Medium Load Member

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  9. wichris

    wichris Road Train Member

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    Ask them why.
     
  10. istumped

    istumped Medium Load Member

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    He has. No good answer from them. They just telI him its needed. Ask them where in illinois code does it say this is needed?
     
  11. wichris

    wichris Road Train Member

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    Won't be IL code, company liability if he's injured in/by their trailer.
     
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