Commercial Insurance

Protect yourself with Commercial insurance.

What is truck insurance?
Truck insurance is a way of protecting or guaranteeing an individual or company against loss. The truck insurance reimbursement is made from a fund in which many other companies or individuals who have the same risk have contributed specified amounts, called truck insurance premiums. The payment for loss of an individual or company are divided among many and does not fall heavily upon the insurer (truck insurance company).

Underwriting is the major operation of a truck insurance company because the underwriter determines the risk the truck insurer can take on and determining the necessary rate for such risks. The underwriter is responsible for protecting the truck insurance company against adverse selection where high risk candidates pay more for coverage in proportion to the amount for coverage of low risk candidates. To prevent adverse selection, the underwriter must consider psychological, physical, and moral hazards when considering truck insurance applicants. Other considerations are physical hazards or those dangers which surround the property or individual that may jeopardize the well-being of the insured.

The truck insurance premium is determined by the law of averages as calculated by actuaries. Truck insurance companies have become major suppliers of capital, and they rank among the nation’s largest institutional investors because truck insurers invest premium payments into a wide range of revenue producing projects.

Common Types of Truck Insurance

Primary Liability-Mandated truck insurance coverage which protects from injury or damage to others as a result of a truck accident. Physical Damage-Protection covering the repair or replacement of the truck or trailer.

Motor Truck Cargo-Protection for the transporter for his responsibility in the event of damaged or lost freight.

Trailer Interchange-Coverage for the legal liability of truckers for damage or loss to non-owned trailers and equipment which insured’s possess under a written trailer interchange agreement.

Non-Trucking Liability-Provides limited liability truck insurance for owner operators who are leased permanently to an ICC regulated carrier.

ICC Authority-Interstate Operating Authority is permission that is granted by the federal gov. to transport freight that regulated across state lines.

The History of Truck Insurance roots might be traced back to Babylonia, where traders were expected to assume the caravan trade risks through loans that were repaid with interest when the goods had arrived safely. The Greeks and the Phoenicians adapted a similar system to their sea commerce. The Romans used burial clubs as a form of life insurance, providing members the expense for funerals and payments to the survivors.
Truck insurance liability premiums have rapidly increased in recent years, leaving many truck drivers uninsured. Truck insurance conglomerates, are being blamed for this. Truckers are paying for bad risks made by these truck insurance companies. Insurance companies place blame on law firms and their clients, who they say have brought unreasonably law suits to court, a trend that has become so common in the U.S. that legislation has proposed to limit these lawsuit awards. Catastrophic hurricanes, earthquakes, wildfires and flood in late 1980s and the 90s have also strained many truck insurance company’s reserves.

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Commercial Insurance Dependable, low-cost protection.

  • Any car, any driver
  • Suspended License, Tickets , DUIs ,SR 22
  • Young drivers