Quote:
Originally Posted by merrick4
I was wondering if they had insurance Bigmon? But the broker, or the agent said he was going to be an indentured servant to his company for life if it didn't get resolved. So I'm not sure. About the insurance, sure we need it, we have it, but I've found it's cheaper to pay it as they raise the premiums so much that you end up paying more. Now just to clarify, that is for cargo insurance, not for cars or health or others etc. As someone told me once, there's a reason that the largest buildings in every city are banks and insurance companies. They don't lose.
Driver of the Year, actually, the stolen freight was a separate incident from the accident. They stole a trailer right out of the yard. I mean through it all it's still a profitable company but a lot of headaches. As posted many times, I am from New England, so grew up in a liberal climate. I got to Florida and was stunned to hear that everyone hated unions. Not that I knew anything about them, but I just grew up hearing everything good about them. That was always a goal, to get in the union.
More and more I am becoming much more conservative. Not so much socially, well even a bit there too. More and more I find we don't just have to accept things which I'm cool with (like gays, I don't care one way or another) but we have to have it thrown in our face and actually agree with it. (Just to clarify as I mentioned gays and don't want problems here, I don't agree nor disagree with it, I just don't care what people do in there personal lives).
Anyway, one regulation after another and I'm getting sick of it. Good lord, Aristotle wrote about the Happy Medium thousands of years ago, and why can't we get this right. It's either not regulated enough (we do need regulations) or it's over regulated.
I am going to go back and pull this forward a little bit....
I was talking to my insurance rep a couple weeks back...We were discussing expanding and what it required and the little idiosyncrasies about it all.
One thing I have concerns about is claims. Don't want any, but it's not a matter of if, but WHEN it's going to happen. I have to have the money to cover the deductible and from there, insurance covers it.
I asked directly, "How many cargo claims is too many?" answer, "Depends on the company."
He went on (and now I am paraphrasing):
overall in the market, most insurance companies will let a ratio of 1 claim per 4 trucks slide by per year. So if you have 35 trucks, that would be 8 claims per year. I wanted to get to 8-10 trucks and he said I wouldn't have much issues for 1-2 claims annually.
BUT...there's always that but ain't there....
If you start showing a history and pattern, they will raise your rates etc or drop you and report your credit history that way.
So it's still to our benefit as carriers to do our due diligence to minimize rates.
I still consider myself relatively new to being an O/O. I got my truck in July 12, authority in July 13. Been some interesting business lessons since then too.