This entirely depends on what shipping companies you plan to work with and whether you’ll be pulling your own trailers or the shipping companies. One of my appointed carriers, Great West Casualty, has some really great coverages for trailer interchange agreements.
Under a trailer interchange agreement, the shipping company’s coverage must be equal to your company’s coverage, as Physical Damage coverage will not apply while someone else is using the trailer. Coverage can apply on an excess basis. The coverage chosen should ideally equal the value of all the shipping units in the insured’s possession. The limits should include empty containers currently being held to return later.
Great West has two additional features on this endorsement:
Option 1: Trailers can be interchanged based on an oral as well as a written agreement.
Option 2: Trailer Interchange coverage can be made to apply on an excess basis as opposed to the more traditional primary basis. There is no difference in premium for this feature.
Is the Stated Amount for commercial vehicles important?Shamrock Holak2022-09-12T15:33:34-05:00
When you’re coming up on your yearly commercial auto renewal, a good insurance broker is going to ask you to review your Power Units and determine whether the stated value for each power unit is accurate?
In a total loss/wrecked truck situation, the insurance company will look at your stated amount and the actual cash value of your vehicle and pay whichever is less. There is no benefit to your company to list the stated amount of your vehicle at a higher cost than its actually worth.
I recommend being as accurate as possible when putting a stated amount on your power unit. Take the time to check out websites like commercialtrucktrader.com or truckpaper.com to compare similar trucks. Consider the year, mileage, condition, and any upgrades you’ve made to the vehicle that year. Remember, if your stated amount was $50,000 last year, chances are the vehicle has depreciated and is worth a little less the following year. Don’t be afraid to reach out to manufacturers or truck dealerships to get their opinion of what they would value your truck at.
Why are my loss runs for my business important?Shamrock Holak2022-09-12T15:33:34-05:00
It’s important to the insurance quotes available to you. Underwriters look at your business’s loss history to see if your business is a good fit for their company. They want to see how much of a risk it would be to insure you. Your loss run affects the premium you could end up paying for your insurance.
Remember when dealing with internal claims & accidents within your company, one bad accident here or there doesn’t affect your rate as much as 6-7 small accidents. These underwriters want clarity on your commitment to safety, ensure you’re putting safe drivers behind the wheel, and ultimately a loss runs report of the last 5 years will give them a good gage on whether you’re doing that or not!
Will turning in a claim automatically increase my insurance?Shamrock Holak2022-09-12T15:33:35-05:00
This is not an easy answer. Different insurance companies will have different formulas on determining your insurance premium; one of which can be claim frequency and severity. It is our recommendation to discuss your specific claim with our claims manager to see if turning in a claim makes sense. However, all possible liability claims need to be turned in; as the insurance company needs to be put on notice.
An adjuster is a representative of the insurance company that helps settle a claim. They are not employed by us. We do not settle claims as this is done by the adjuster. However, we will assist in making sure a covered claim is paid fairly and promptly.
Do I need to have auto insurance if my vehicle is paid off?Shamrock Holak2022-09-12T15:33:35-05:00
Broad form collision allows you to not have to pay your deductible if you are not deemed at fault in an accident. There are also options to choose “regular” and “limited”. These options should be discussed with your agent.
Should I make my payments to your agency or the insurance company?Shamrock Holak2022-09-12T15:33:35-05:00
All payments should be directed to the insurance company unless specifically stated by your representative. Please see our “billing” section if you wish to pay by phone or have a question on your billing account.
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