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This will, undoubtedly, affect the business of shipping cargo throughout the US.
Shippers will have little choice but to move freight under contract cartage, which will, in some cases, be in direct opposition to the cargo insurance policies that will remain in effect. Underwriters will require their insureds to present copies of their cartage agreements, and may decline to write coverage as a result of conditions contained in those contracts that surrender the right of the insurer to the shipper or broker as a condition of the contract.
This is the “tip of the iceberg” as it applies to the movement of motor truck cargo in the United States.
I have to agree that the mandate at the FEDERAL level is a no win situation. It adds additional workload and of course pay (aka Tax Dollars) to process and secure the paperwork from all of the carriers from the one truck operation to the multinational operators when in fact even if they all only had the MINIMUM required, the client/shipper would require them to carry the 750,000 avg cargo insurance simply to do business. When the market demands THAT much more just to do business and the fed. is saying it only requires that much less… the federal requirement is mute. If you had only the required amount, you wouldn’t get the contract anyway.
higher gas prices? where can you get money for gas? there are several secrets to auto insurance industry, If you have good credit, you’ll pay less. check out “Auto Insurance Clearance” for more secrets
This will, undoubtedly, affect the business of shipping cargo throughout the US.
Shippers will have little choice but to move freight under contract cartage, which will, in some cases, be in direct opposition to the cargo insurance policies that will remain in effect. Underwriters will require their insureds to present copies of their cartage agreements, and may decline to write coverage as a result of conditions contained in those contracts that surrender the right of the insurer to the shipper or broker as a condition of the contract.
This is the “tip of the iceberg” as it applies to the movement of motor truck cargo in the United States.
I have to agree that the mandate at the FEDERAL level is a no win situation. It adds additional workload and of course pay (aka Tax Dollars) to process and secure the paperwork from all of the carriers from the one truck operation to the multinational operators when in fact even if they all only had the MINIMUM required, the client/shipper would require them to carry the 750,000 avg cargo insurance simply to do business. When the market demands THAT much more just to do business and the fed. is saying it only requires that much less… the federal requirement is mute. If you had only the required amount, you wouldn’t get the contract anyway.