Life Happens 365 - Are You Managing the Risk?

By Diane Tait Image courtesy Pixabay Driving for a living is a daunting occupation.   Not only do you have to be alert to what is going on around you, but these days you have to beware of distracted drivers on the road near you.   While the fatality rate for commercial vehicle collisions has steadily declined during the past 20-years, there are still more than 500,000 truck accidents every year.   Of those, 16% are deemed the fault of a commercial driver.   That means 84% of accidents involving commercial vehicles are caused by motorists who aren’t paying attention to the vehicles around them.   To help all you commercial drivers out there avoid accidents, I’ve come up with a list of 10 things you can do to avoid becoming a statistic.

By Diane Tait Image courtesy flickr If you’re a commercial trucker, you should know that the US House of Representatives is doing its best to increase your liability requirements nearly seven-fold.   You heard me right.   HR 3781 which was sponsored by Representative Matt Cartwright in July 2019, proposes to raise the minimum liability limit you are required by law to carry from $750,000 to $4, 923,153.29.   The bill which was named “Improving National Safety by Updating the Required Amount of Insurance Needed by Commercial Motor Vehicles per Event Insurance Act of 2019,” is being touted as a necessary update to the commercial trucking insurance law that has been on the books since 1980.   The reason given by Mr. Cartwright for the seven-fold increase in the requirements was that $4,923,153.29 is the amount needed to achieve the same purchasing power as $750,000 with regards to medical-cost inflation.   That’s the bad news.   The good news is that...

By Diane Tait Image courtesy of YouTube Marriage is a tough proposition in the modern world from the outset.   First there are the statistics that report that a third of marriages in the US result in divorce in the first five years and nearly 50% within 10-years.   Then there are 101 reasons why marriages go south these days.   Everything from infidelity and financial hardship to health issues and unrealistic expectations are just a few things that can quickly derail the marriage train.   The reason I bring this issue up is because there is a demand in the trucking industry for husband & wife driving teams.   While such teams are highly sought after and well compensated, I thought I’d take the time today to write about the pros and cons of the situation

By Diane Tait Image courtesy PxHere Is it better to own or lease?   That is the question.   At least it is, if you drive a commercial truck.   While many truckers dream of the day they can proudly proclaim themselves an owner-operator, the reality for many is the math doesn’t always add up.   Let’s take a look at the metrics. 1.       Can you say sticker shock? – To start with, semis don’t come cheap.     If you’re looking for a bargain, you won’t find one in either a new or a used truck.   Expect to pay $100,000 or more for a commercial truck.   Add another $25,000 if you want to add a sleeper.   Then there’s the cost of the trailer, which will set you back another $50,000 for a standard rig.   Specialty trailers can cost you even more.   While a used semi with a lower price tag might seem like a bargain, expect to pay higher maintenance costs.       2.    ...

By Diane Tait Image courtesy of wikimedia If it’s one thing that all truckers can agree on, it’s the importance of maximizing uptime without sacrificing safety.   The ability to earn a living behind the wheel is only as good a driver’s ability to get hired.   While employers want to get their goods to market as quickly as possible, nobody wants to employ a driver that puts their cargo at risk.   Likewise, no insurance carrier wants to carry a driver on the books with moving violations or accidents on their record.   This puts truckers in the unenviable position of trying to balance time on the road with the hazards inherent to highway driving.   One of the biggest hazards that truckers face is driver fatigue.

By Diane Tait Image courtesy of A&B Insurance While every trucker knows that over the commercial truck insurance is expensive, they also realize it’s a necessary part of doing business as a trucker.   That being said, all trucking insurance policies are not created equal.   As you know, hauling cargo long distance is a risky business.   Aside from the risk of damage to the truck, there are also other factors that come into play, including damage or loss to the cargo, not to mention theft of the cargo or truck itself.   Commercial truck insurance is designed to help truck owners mitigate the risks to themselves and their drivers.   If you are an owner operator this doubles the potential for liability in the event of a crash or theft.