Unfortunately, there has been a significant increase in cargo losses which is driving up the premiums for all carriers. If a carrier has a good loss history on cargo the increases will still be felt, however they are trying to be kept at a reasonable amount. As the carrier’s frequency and severity of cargo claims increase, higher premiums will result, therefore to combat these higher premiums their only option was to raise the deductible. We have seen some carriers be declined renewal terms all together – it is these carriers who must go to the specialty markets which can mean high premiums and restrictions that can be detrimental to a carriers operation.

Electronic Logging Devices

We believe insurers will not be mandating ELD’s for their trucking clients. That said however, the federal government is mandating it for national carriers and leaving it up to each individual province as to how they will deal with their own provincial carriers. To our knowledge SGI will not be mandating the provincial carriers, however Ontario has been clear their provincial carriers will be mandated to use ELD’s.

Safety First

If a carrier has a safety plan it is important to provide a copy to your insurer as it gives the underwriter better insight into how the carrier deals with different circumstances such as risky driver behaviors, violations and HOS. Safety plans also provide information on how the carrier trains their drivers for certain commodities.

Investing in Technology

One of the best investments your operation can make today is with technology. Items such as forward facing dash cameras or 360 degree camera systems will help in the event of a collision or any other mishap regardless if the driver or a 3rd party was at fault. This has proven to be extremely effective and will continue to help the carrier against any false claims against their drivers.

Our Advisors are experts in their sectors, and they are passionate about providing purposeful and customized service. As a Navacord Broker Partner we have expanded product offerings and strong relationships with other Navacord brokerages across the country. Our transportation industry focus provides a deep understanding of our client’s business which leads to personalized solutions to help propel your business forward.

In November, 2020 we were pleased to welcome HAL Insurance to the Henderson Insurance | Navacord team. The acquisition of HAL expanded our expertise in the transportation section, in fact our combined years of experience is 90+ years! If you have questions and would like to speak to one of our risk management experts you can contact:

Bill Cornelisse 888.569.2150

Rick Smith 888.661.5959 ext 1227

Scott Schultz 888.661.5959 ext 1230

Thank you to contributing Author, Laurie Kosior
Business Development Coordinator, Commercial Line
Henderson Insurance | Navacord