Excess insurance seemingly unattainable thanks to rising rates
You’d be hard-pressed to find a trucker who doesn’t think bloated insurance rates are an issue. With the rise of “nuclear verdicts” against trucking fleets, the ever-present danger of distracted driving, and legislative pressure to further regulate the industry, it’s no wonder insurance premiums are stuck in the clouds.
For the most part, motor carriers grin and bear it when it comes to purchasing or renewing their insurance policies. However with certain coverages like excess liability, some are contemplating whether or not to roll the dice without it.
“Entering an excess coverage renewal has become terrifying for some carriers,” said Joe Schreiner, Reliance Partner’s senior vice president of sales. “These carriers know that they need to buy the excess coverage but they’re asking themselves if they can even afford it?”
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