How do insurance underwriters evaluate trucking companies?
The number of companies insuring truck operations has greatly decreased, and these companies are more selective about who they insure. Preparing a submission for insurance requires a great deal of paperwork, which we try to make easier for our clients. Most trucking insurers want more than an ACORD form. The information required can include financial statements for the past two years. This tells underwriters if the company pays well enough to attract better drivers, invests in keeping equipment well maintained, and more. They also look at the company’s safety and maintenance programs. In addition, underwriters often want recent compliance reviews, rating information, DOT records in the event of a rating problem, and a list of owner/operators versus employees. What mistakes do trucking companies make when they implement certain operating decisions without considering the insurance implications? Even though there is a driver shortage, it is a mistake to have drivers on the road too long.
