Despite popular belief, insurance cancellations are actually more common than you might think. Perhaps you’ve received a notice that reads something like:
“Attention: Your current insurance policy is being non-renewed due to…”
While a non-renewal notice is something you should take seriously, it typically will not negatively impact your ability to find alternate insurance. Here are some facts you should know before securing a new insurance policy and what to do so that you keep your trucking operations running seamlessly.
Why the Non-Renewal?
A non-renewal is not the same as a cancellation. Unlike a cancellation notice, and non-renewal notice is generally issued when there is a change with the insurance carrier. For example, the insurance carrier may no longer write in your state or has left the market completely, which are circumstances outside of your control.
However, if the reason for your non-renewal notice is due to late or non-payment of premiums, an increase in the frequency or severity of claims, or poor inspection reports or compliance issues, your ability to find new insurance may be impacted.
What Should You Do Next?
You’ve received a non-cancellation notice 30-90 days before your renewal date, so use your time wisely. If you’re insured directly through the carrier, finding a new insurance company may be tricky. It is now your responsibility to find and secure new insurance before your current policy is expired.
If you’re insured through an insurance agency, it is likely your agent is already aware of the situation and will be working to find a replacement company that is best suited for your circumstances.
If you were insured through a carrier and will be shopping around for a new carrier, we recommend you have the following information ready.
- Driver schedule
Name, driver’s license number, date of birth, hire date, number of years of CDL experience for each driver
- Vehicle schedule
Year and make of each vehicle, VIN numbers, and value of each of your tractor/trailers
Last four (4) quarters of Fuel Tax Reports (mileage broken down by state)
- Loss runs
Loss runs for the last three (3) years
- Financial information
Financials for the most recent year
- Insurance certificate
Your most recent insurance certificate that shows your current coverage
- Commodities hauled
List top 3 – 4 commodities hauled
- Safety information
Safety director’s name and experience, a copy of your safety manual, copy of driver guidelines, and any safety equipment
Cline Wood represents top trucking and agribusiness insurance carriers across the country. We have access to all types of insurance programs. We treat your company as if it were our own. Contact us today to find out how we can help you manage your risk, which directly contributes to your bottom line.
This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change.transportation coverage, trucking insurance, trucking news