Driver Qualifications can be a long lengthy process, but did you know up-to-date information could aid mitigation after a loss? It is no secret that nuclear lawsuits have come against the trucking industry. These lawsuits have a massive impact on every logistics company regardless of involvement. These lawsuits drive the overall market pricing, which will impact your premiums at the time of renewal.
Having the proper documentation prior to a loss could be the difference in a nuclear lawsuit aimed at your company. During litigation, documentation of all operations, from pre-trip inspections to logbooks, is reviewed during an event of a loss. Using reasonable efforts by supplying these documents could reduce litigation risk. Besides good faith, this also proves that proper policies and procedures are in place to DOT compliance.
According to an article from Freight Waves, “While all fleets now pay more, premiums definitively scale based on safety records,” according to ATRI. One respondent noted that motor carriers considered low risk experienced annual insurance cost increases of 8%-10%, while new ventures and “average-to-marginal” carriers experienced increases of 35%-40%.”
The lack of Driver Qualifications has aided the outcome of nuclear lawsuits. It is equally important to have the appropriate protocols set in place as it is to have the appropriate insurance professional to protect your company. The Transportation Specialist at Daniel and Henry are highly knowledgeable in the logistics industry and are eager to help support the initiative. Contact us today to discuss solutions for your transportation risk management program.