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TRS Annual Motor Carrier Conference
November 9-12, 2020
TRS Annual Motor Carrier Conference
November 9-12, 2020
Each year Transportation Uncertainty that may be either positive or negative arising from a given set of circumstances. Common definitions also include: 1) chance or probability of loss, 2) uncertainty concerning loss, 3) possibility of a variation of outcomes from a given set of circumstances, and 4) difference between expected losses and actual losses…. More Specialist members, designees, and other insurance and risk management professionals interested in the transportation industry will have the opportunity to attend and participate in the TRS Annual Motor Carrier Conference. The conference is designed for individuals wishing to remain current and thereby well-equipped to confidently provide insurance and related services within the ever-changing environment that motor carriers operate.
The Annual Motor Carrier Conference agenda will feature guest speakers providing their perspectives on current developments and trends in the trucking industry. Topical content, though not limited to these, will include:
- Insurance experts sharing their knowledge
- Review of changes and proposed changes in motor carrier regulation and their impact on insurance
- Technology available to motor carriers to help control their operations and what this means to insurance providers
- Reviews of recent court cases by attorneys and the affect of the outcomes on insurance providers
- Updates on ISO policy changes
This event is approved for 16 Hours of CE in 48 states; Arkansas and Hawaii do not qualify.
INSURANCE CONSIDERATIONS WITH REGARD TO THE CURRENT STATE OF MOTOR CARRIER OPERATIONS AND REGULATIONS
For-hire interstate motor carriers’ insurance needs, underwriting and pricing, are based on the motor carriers’ operations as well as government regulations. This session will address how current changes will require adjustments in providing insurance in the COVID-19 is a disease caused by a new strain of coronavirus. ‘CO’ stands for corona, ‘VI’ for virus, and ‘D’ for disease. Formerly, this disease was referred to as ‘2019 novel coronavirus’ or ‘2019-nCoV.’ For more information on how the COVID-19 pandemic has impacted the insurance industry visit https://www.scic.com/covid-19-conversations/… More era and beyond. The workplace need for qualified drivers will require a more diverse driver pool and adjustments from management and equipment as well as additional insurance; EPL, WC and D&O Legal responsibility or fault..
No drivers – No mirrors – No problem! There are ever-changing technologies that insureds have available that affect crashes and in turn affect insurance; from lane change departure warnings to anti-overturn to autonomous features. What happens if insureds do not equip their units as they could/should have, and with that equipment would they have avoided the crash? Autonomous units are being used today with more use in the future. When a driver is no longer required, who will be liable for a crash; not only liability but also physical damage for the additional cost of repairing or replacing a unit following a crash.
INSURANCE CLAIMS CONSIDERATIONS
Protecting Insureds’ Assets – After a serious accident how do you help the insured protect their assets as well as how to achieve the best results. We have an attorney and accountant who will provide guidelines on why and how to best accomplish.
Cyber Legal responsibility or fault. – Preventive considerations, coverage considerations, and legal concerns will be discussed. Daily we see news about data breaches, malware, ransomware, and more. What are the potential exposures to the motor carrier? How can we best help protect our insureds and what coverage is available?
Non-Traditional Insurance Programs for Motor Carriers – With the increased cost of first-dollar insurance coverage, financially sound motor carriers with controls in place are utilizing current technology and having credible loss history. Are there other options available for these unique carriers on the insurance front? This session will look at alternative programs to allow the motor carrier/insured to assume some of the cost of claims for a reduction in insurance premium –What programs are available and how they can be set-up? What are the benefits and pitfalls?
A Crash Happens and the Legal Process Begins – Mediation is an essential part of the process. First consideration provided by our policies is the insurance promise to defend and assign an attorney. The complaint spells out what is being claimed and what the claim is based on. What happens next? Can the case be settled prior to a trial? Is mediation mandated by the court or voluntary?– The mediation process will help the insured understand the facts and help insurers settle the claim as early as possible.
INSUREDS' OPERATIONS THAT AFFECT THEIR INSURANCE NEEDS
Cargo Insurance Considerations – The most important coverage an insurance agent/provider provides to the for-hire interstate motor carrier is Cargo from the standpoint of protecting the carrier’s relationships with their customers. It is the most difficult coverage an agent can provide when there are few, if any, motor carriers that haul the same product all the time. There is no standard coverage form. Agents must have knowledge of the form they are providing to motor carriers focusing on what property is or is not covered, conditions of coverage, and exclusions of property and activities.
Towing – The Hidden Cost in Physical Damage – The costs for towing continue to rise. An accident happens and the damaged power unit, trailer, and cargo must be removed from the site of the crash. The local enforcement officer calls the wrecker/towing service and requests them to get to the crash site as soon as possible. The wrecker/towing company responds and sends the motor carrier a bill. How to avoid non-consensual tows and how to “fight” wrecker bills will be reviewed.
ATRI Research Studies – The American Transportation Research Institute is engaged in critical research relating to freight transportation’s essential role in maintaining a safe, secure and efficient transportation system. It performs studies and research regarding the motor carrier industry. ATRI’s findings give insurance providers and retail agents’ insight into the concerns and operations of their insureds. This enables the agent and the underwriter to help the insured with their operation and better underwrite the operations of motor carrier. A review of current studies’ results; Nuclear Verdicts, Cost of Operation, Detention, CSA, and more.
DOT Compliance/Audits and Their Effect on Insuring Motor Carriers – For hire interstate motor carriers are unique in many ways but most important is the availability of public information; their on-road activities and the safety record of their operation. All of this information is available to the public and is used by retail agents, underwriters, and plaintiff attorneys. How can the retail agent prepare their insured for a compliance audit? With COVID-19 is a disease caused by a new strain of coronavirus. ‘CO’ stands for corona, ‘VI’ for virus, and ‘D’ for disease. Formerly, this disease was referred to as ‘2019 novel coronavirus’ or ‘2019-nCoV.’ For more information on how the COVID-19 pandemic has impacted the insurance industry visit https://www.scic.com/covid-19-conversations/… More, compliance audits that lead to Safety Fitness ratings will be done remotely and there will be more small motor carriers who will be audited and more Conditional and Unsatisfactory ratings. How to respond
INSURANCE RAMIFICATIONS FOR CONTRACTS MOTOR CARRIERS ENTER INTO
Interstate for-hire motor carriers sign contracts to obtain loads from shippers and brokers. They sign contracts with independent contractors (owner-operators) to use their services under their government registration. They sign contracts with owners of the cargo they are hauling. The retail agent/insurance provider will also be required to furnish proof that the contract’s insurance provisions are met. This session will review contract wording and the insurance coverage to address the requirements of these contracts.