Transportation Business Resources
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Protecting your cargo and your transportation business is our business. Travelers is dedicated to helping freight brokers, fleet operators and logistics firms reduce preventable losses and costs through our products, vendor alliances and claim processing. We use our transportation experience and science to assist companies with security best practices, proper securement techniques for loading and handling, theft prevention and road safety issues.
Travelers on Freightwaves Podcast
Freightwaves is the leading provider of trucking news, media and analytics for truckers, intermodal and logistic operators. Travelers has recently contributed to the Freightwaves “What the Truck” Podcast series to share insights on topics ranging from choosing the right insurance carrier to commonly overlooked coverages to trends in cargo theft. Give each a listen.
Podcast #41: Challenges Facing the Transportation Industry in 2024
Join Scott Cornell, Transportation Lead and Crime and Theft Specialist, on this episode of What the Truck?!?, as he shares the challenges facing the transportation industry in 2024.
Aired: 3/4/2024
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(DESCRIPTION)
On a webcast, a top banner reads, SUBSCRIBE, with icons for YouTube, LinkedIn, Facebook, Apple Podcasts, Spotify, TikTok, and X. Text to the left, under a photo of an upturned vehicle in a pile of debris says, TODAY'S SHOW: HYZON MOTORS, PFG TRUCK, ROAD AHEAD FOR HYDROGEN, CLOSE CALL, SCOTT CORNELL. The bottom of the screen reads, What The Truck. A headlines chyron scrolls at the bottom of the screen. Two men speak on a video call. The truck photo turns into the Travelers logo with the red umbrella. The man on the left sits in front of a What The Truck?!? backdrop, with toy figures of people and a and a semi-truck in front of him. The man on the right sits in an office room.
(SPEECH)
TIMOTHY DOONER: And now, we got Scott Cornell, Transportation Lead and Crime and Theft Specialist over at Travelers. You ever have something like that happen to you? Fortunately, not me.
SCOTT CORNELL: I did not. But jaw dropping was a good description of it because when I watched it, that's some unbelievable stuff right there.
TIMOTHY DOONER: Now, Scott, I think we're catching up--
SCOTT CORNELL: I'm glad everybody was OK, though.
TIMOTHY DOONER: I am too. And we're talking a little bit about issues that are plaguing the industry. What are some of those in 2024?
(DESCRIPTION)
Text, SCOTT CORNELL TRANSPORTATION LEAD AND CRIME AND THEFT SPECIALIST, TRAVELERS. Text to the right reads, TODAY'S SHOW: INDUSTRY ISSUES, RATE THE STRAP WORK, MATT O'MARA, WHIMSY INTERMODAL, MARKETS AND PORTS.
(SPEECH)
SCOTT CORNELL: Yeah. So a couple of things-- always great to be back. Thanks for having me again. I don't think 2024 is going to look a whole lot different than 2023. I think you're going to see some similarities and some of the challenges. You might catch me cheating from some notes today.
Shout out to Carolyn Capshaw from our research group. She gave me a lot of good stats to put in with the talking points. I'm not great at remembering stats. So if you catch me, I'm just being honest with you up front, my friend, that you may catch me just referring to some notes to get the numbers right, so.
TIMOTHY DOONER: Sure. What are some of those numbers? What are you seeing out there?
SCOTT CORNELL: Well, I don't think there's really any surprise that we're seeing shifting economic conditions right. There's part of the economy that impacts trucking for sure. When you look at, as an example, spot rates. So spot rates generally have stabilized, but that's after 16% drop in 2022, a 19% drop in 2023.
So if they're stabilized roughly at about the same levels they were at in 2019, you have to think all the costs associated with doing business in that environment have continued to go up in that three, almost four-year time span. So that's not good news, right? There's still rising overhead, but the rates have gone down.
When you look at the contract rates, they fell about 7% last year. They're expected to go I think another 3% down this year. But, again, you still have that rising cost of things like maintenance, overhead, general overhead, things like that. So the days of taking advantage of some of those really nice spot rates that we saw during the COVID demand time, 2020 to 2021, those are gone.
And, in fact, a lot of the small companies that came into the marketplace came into the transportation industry in that 2020 to 2021 time period are really going back to driving for the bigger companies or their merging with bigger companies.
And then you add to that fuel prices. We all know fuel prices haven't gone down really, especially for diesel. And those types of things can have a ripple effect. So when you look at-- you and I have talked in the past about cargo theft.
Well, recently, Arizona entered the top 10 states for cargo theft in the nation. Why? Well, there's a few reasons for it. Arizona has a strong growing economy. There's a lot of distribution centers and warehouses being built over in the Phoenix area, things like that.
But a lot of the cargo theft that's taking place in Arizona is just across the border from California. Well, why is that? Well, because a lot of the drivers coming out of California are trying to make it to Arizona for cheaper fuel prices. So they stopped just across the border in those truck stops that are just over in that Havasu area, things like that.
Fuel prices are down probably 2, 2 and 1/2 dollars from California prices. And they stop there more frequently. And they're either being followed out of California, or they're being targeted out of California, or targeted by groups operating in western Arizona for cargo theft. So we're seeing that cargo theft increase over there. And when you look at all the events going on in the Red Sea and things like that, there's really no expectation that fuel prices are going to come down anytime soon.
TIMOTHY DOONER: Yeah, there's still too many trucks, too many drivers, too many brokers. We've been following that big contraction that's happening. In fact, with Cyrus, we just talked about the 50,000 companies that have left since 2022. And the bad news for this audience is in February, spot rates were down 17%.
But Scott, I got a DM I actually mentioned at the beginning of the show. I got a DM about insurance rates. A lot of drivers have been reaching out recently. I guess they've been going up for a lot of them. One of them said, I haven't been in a single incident. He's an owner operator. He said, I haven't been a single incident. Got my renewals. And I think I'm tapping out. Can we talk a little bit about higher insurance rates? What's going on here?
SCOTT CORNELL: There's a lot of things to explain that. When you think about-- let's use an example, distracted driving. And that's not necessarily the truck drivers, right? There are a lot of distracted car drivers out there on the roads. But there have been a lot of accidents. One of our experts is going to be talking to you in a coming show on distracted driving. We have an expert over here that researches that, has a lot of good information on that. You're going to be talking to him in the near future on that.
But when you think about what's referred to as that primary side of insurance-- and I know you have some familiarity with insurance, right? But when we talk about that primary side, we're talking about the AL GL, Auto Liability, General Liability coverages. And we've all heard about the big nuclear verdicts that are in those. Some of those nuclear verdicts have had some colossal amounts since the plaintiffs are getting in the court settlements these days.
And the number of nuclear verdicts against trucking companies has been on the rise since 2022. I think they topped $65 million. And that was up from $10 million in 2020. So that's an impact there for insurance rates on that primary side.
Technology really helps in those and can help control some of those accidents or some of those outcomes. When you think about cameras and telematics, things like that, how can they make insurance more affordable? Can they help you reduce your insurance rates? Things like that. You should be thinking about that. Can they lend themselves to reducing the severity of accidents?
A while ago, drivers didn't want the cameras. When the first-- when the cameras first started coming out, drivers didn't want the cameras. Now, a lot of the drivers are asking for the cameras. And nearly 3/4 of all private trucking fleets are using in-cab cam.
So when the drivers are asking for that, what you're seeing is a positive impact. Their cameras have exonerated drivers in 63% of the cases, where they've been used. And then driver-facing cameras have absolved drivers of responsibility in nearly half of all the incidents where they've been involved. So there's some positives there that you can do.
Of course, we've talked about cargo theft and loss frequency there. Cargo theft is at a 10-year high right now. Last year, the industry saw increases in reefer losses, as well as truck fires. All those things are going to lend themselves towards increased rates sometimes.
TIMOTHY DOONER: Well, Scott, anything that some of my listeners can do who feel like their rates are just getting too high, that god forbid, they're like that DM I got, where someone's looking to tap out. What can they potentially do to bring down some of these costs and feel like they can stay in the game, make it to 2025?
SCOTT CORNELL: Yeah, a good question. I think an easy comment to make, but I think something that they have to convince themselves of is don't be afraid of collecting and sharing data, especially when it tells a good story, a good safety story. If you're doing things right and you're collecting data that shows that, make sure you're sharing that with your insurance company. And your insurance agent can use that to make your case with your insurance company.
Just try and think about different ways you can partner with your insurance carrier. You and I have talked in the past. I mentioned this earlier about here at Travelers, we have our cargo theft investigation team that goes out. When you talk about cargo theft being at a 10-year high, our cargo theft investigation team just had a big landmark. Since 2009, they've recovered over $100 million of stolen goods. So does your insurance company have a way that you can partner with them?
We also have specialized risk control experts that can talk about best practices for driver selection, driver safety, use of the technology, things like that. Companies are out there really working hard to improve driver recruitment. When you talk about driver shortages, in general, we talk about the fact that there's 80,000 driver vacancies right now. When you expand that forward, you're looking at 160,000 by 2030.
TIMOTHY DOONER: Maybe. I don't know. But I look at the market. I look at what's happened with rejects and rates. I'm not sure if I necessarily buy a driver shortage narrative. But maybe in the future. Maybe if you don't get enough Gen Z or something. I'm not sure if we're necessarily seeing that in the market right now. But maybe--
SCOTT CORNELL: No, but when you look at that driver shortage when you're replacing them, you have less experienced drivers, right? And less experienced drivers may-- I'm not sure. But less experienced drivers, you may have some different accidents, or you may have some different losses, things like that to contribute to some of that.
TIMOTHY DOONER: No, that definitely makes sense right there. I will agree with that, man. So people want to check out Travelers, they want to get more information from you. They want to maybe get a policy. Where do I send them to?
SCOTT CORNELL: Travelers.com/transportationresources https://www.travelers.com/resources/business-industries/transportation
TIMOTHY DOONER: Perfect. Hey, Scott, thank you so much. And I look forward to someone coming on talk distracted driving in the near future, like you mentioned.
SCOTT CORNELL: Always good to talk to you. Have a great day.
TIMOTHY DOONER: Hey, take care. All right, everybody, rate strap work.
Podcast #40: Important Contract Considerations for Freight Brokers
Join Craig Leinauer, Inland Marine Corporate Claim Manager, on this episode of What the Truck?!?, as he shares important contract considerations for freight brokers.
Aired: 1/17/2024
Paid Content
(DESCRIPTION)
This content is brought to you by Travelers. The speaker is seated at a desk with a sign behind him that reads, What the Truck?!? On his desk are various toys, including Biggie and Tupac figurines and a semi-truck with the Transformers logo. The speaker holds a microphone and speaks to us.
(SPEECH)
SPEAKER 1: We got my buddy from Travelers. I hope he's staying warm. Craig, where are you in the world? It's 23 degrees here in Chattanooga. But it was 7 degrees in the morning.
(DESCRIPTION)
The screen splits to also show Craig, who sits in his living room in front of a wall of framed family photos and speaks to us.
(SPEECH)
SPEAKER 2: I am right outside of Chicago, Illinois, in Naperville, where it's a balmy 16. But
(DESCRIPTION)
The first speaker shakes his head.
(SPEECH)
that's looking up because the past few days, it hasn't been above zero. So it's pretty chilly.
SPEAKER 1: You don't have an EV, do you? There was an article in USA Today or something yesterday that was like, all the Tesla’s in Chicago have frozen, and it's causing huge issues.
SPEAKER 2: Yeah. No, I do not have an EV. But I have some folks that work with me that do. And it's not a good place to be right now, if you have an EV with a lithium-ion battery. It's pretty challenging.
SPEAKER 1: No. No, you might need, you might need a contingent. Maybe you need an ice vehicle backup. Maybe you need a second car. But
(DESCRIPTION)
Craig smiles and nods.
(SPEECH)
if you're a broker, maybe you need contingent coverage. That's something we talked about last time you were on. Anything new here?
(DESCRIPTION)
Text, Craig Leinauer, Inland Marine Corporate Claim, Travelers.
(SPEECH)
SPEAKER 2: Yeah. No, we talked about contingent coverage and how it's a good backstop for a freight broker to have so that they're shipping customer can be made whole, if the trucking company who should pay for the cargo damage fails to do so. It's relatively inexpensive. So there's really little reason not to have it.
SPEAKER 1: And today, we have a sidebar topic to contrast contingent coverage, what we got to do. Set the table for us, sir.
SPEAKER 2: Yeah, so today's topic addresses important things that freight brokers should consider before they sign a contract. And contingent coverage happens to be one of them.
SPEAKER 1: Interesting. I mean, the freight brokers though, they shouldn't-- freight brokers have to sign contracts, right? But how do they know which ones to sign?
SPEAKER 2: Well, it's not news. Contracts will change the balance of who's responsible for what. So you need to understand how a contract changes your liability before you sign it. And there are a few things that you should consider.
SPEAKER 1: OK, great. Spell it out for us. What do we need to consider?
SPEAKER 2: Yeah. So the first thing to consider, first thing to remember is that there are two different kinds of coverage for freight brokers. The first is liability coverage, which covers your legal liability as a freight broker for cargo damage. And then the second is contingent coverage, which of course, protects against cargo loss or damage when you aren't liable, but the liable trucking company fails to pay.
And then after you remember the different kinds of coverages, you need to think about the policy in front of you. And you need to ask yourself what's covered and what's not. Some policies don't cover certain commodities. So for example, commodities like precious metals, or seafood, pharmaceuticals, these kinds of things aren't covered. So you really need to know what the commodity is that's being transported, since these commodities may require a special insurance.
And then also looking at the policy, you need to ask yourself, what causes of loss are covered and what aren't covered? So things like, causes of loss like dishonest acts by the driver, or theft from an unattended vehicle, or even improper setting of refrigeration thermostats. These are causes of loss that not all policies cover.
And then lastly, when looking at the coverage, you need to ask yourself, does the policy only cover damage that involves a specifically listed vehicle or a specifically listed driver? You need to read your policies carefully. Check the certificate of insurance also for the trucking company's policy, which may have a clue as to this kind of information.
SPEAKER 1: Sounds like a lot of responsibility. There are a lot of variables to take into consideration before you sign on the dotted line.
SPEAKER 2: Looking at the coverages and the insurance policies, you need to take a look at the contract and specifically consider liability assumption. Because generally, as we've spoken about before here, a broker isn't liable for cargo loss or damage. Because they don't actually handle the goods, they don't touch the cargo. But some contract terms might make the brokers fully liable for that damage, as if they were the trucking company. And that's close to a strict liability.
And another thing that's important to pay attention to in contracts, after you read carefully for liability assumption, is the distinction between minimum limits of insurance with a limitation of liability. So those are two different things. And a loss might be greater than the limit of insurance that's spelled out in the contract. And this will expose the freight broker to an unfortunate and uninsured loss.
So for example, let's say we have a $200,000 cargo loss, and we only have $100,000 worth of insurance coverage that's required by the contract. And the broker, in that case, is then exposed to the $100,000 of uninsured loss, meaning the $100,000 beyond the limit of insurance in the contract.
On the other hand, when the contract stipulates a limitation of liability of $100,000, then the broker shouldn't be responsible or liable beyond that $100,000. So it's really critical to remember when you look at a contract and understand that a contract limitation of liability is not a contract limit of insurance. It's not a limit of insurance.
SPEAKER 1: Not that wasn't enough, but is there more that freight brokers have to consider when signing a contract?
SPEAKER 2: Yeah, as a matter of fact, there is. But we're in the home stretch here. So the last thing you need to think about and consider before signing a contract are whether or not there are any coverage gaps. And you need to understand that contingent coverage policies aren't created equally. Unfortunately, there's not standard wording for contingent coverage policy. So you have to read them carefully to understand the triggers and limitations.
For example, some policies won't provide coverage at all if a payment of any kind, in any amount is made by the trucker's insurance company. So a little awareness can go a long, long way.
SPEAKER 1: Yeah, better safe than sorry in this situation.
SPEAKER 2: Well, exactly. And look, all this contract stuff, it sounds intimidating, but it's really not. It's just paying attention to what's in front of you, being aware of what policies and contracts are in place, and then taking stock of any potential coverage gaps. You should just pause, pause a moment, ask yourself a few questions, double check a few things before you sign anything. And it's better to do this before the shipment happens, to attempt to identify an uninsured exposure, rather than trying to address this or address these uninsured exposures after the loss occurs.
SPEAKER 1: Duh, a lot to think about there. How do people go and get more information about this?
SPEAKER 2: Travelers.com is where you would go.
SPEAKER 1: Craig, stay warm, stay warm over in that windy city of Chicago. And maybe next year, it'll be a good one for your Bears. I don't think Belichick's going there.
SPEAKER 2: [LAUGHS] We'll see. Thanks so much for having me.
SPEAKER 1: It might be my neighbor in Atlanta, that's the rumors. We'll see. Take it easy, sir. Appreciate your time today. All right, elsewhere.
Full Episode List*
2023 Episodes
- Episode #39: Theft Trends and Technology – Aired: 12/11/23
- Episode #38: Cyber Risk Management in Transportation – Aired: 11/20/23
- Episode #37: Ocean vs. Inland Marine – Aired: 10/17/23
- Episode #36: Challenges with Lithium-Ion Batteries* – Aired: 9/18/23
- Episode #35: Why Contingency Coverage Isn't Enough* – Aired: 8/21/23
- Episode #34: Strategic Theft and Cargo – Aired: 7/17/23
- Episode #33: Problems with Double Brokering – Aired: 6/26/23
- Episode #32: Reefer Problems – Aired: 5/15/23
- Episode #31: Distracted Driving – Aired: 4/17/23
- Episode #30: Claim Trends – Aired: 3/20/23
- Episode #29: Inflation Pressures – Aired: 2/24/23
- Episode #28: 2022 Recap and 2023 Predictions – Aired: 1/23/23
- Episode #27: 2022 Cargo Transport Recap and 2023 Outlook – Aired: 12/12/22
- Episode #26: Double Brokering: Prevention and Protection – Aired: 11/21/22
- Episode #25: Cargo Theft for Christmas – Aired: 10/17/22
- Episode #24: Coverage Solutions for Supply Chain Risks – Aired: 9/19/22
- Episode #23: Technology Theft – Aired: 8/15/22
- Episode #22: Transportation of Difficult Commodities – Aired: 7/18/22
- Episode #21: 2022 Cargo Transportation Trends Recap and Predictions – Aired: 6/29/22
- Episode #20: Carrier Claims Considerations – Aired: 5/16/22
- Episode #19: Truck Fires – Aired: 4/18/22
- Episode #18: 2021 Theft Summary and 2022 Predictions – Aired: 3/21/22
- Episode #17: Food Shipments and Seal Integrity – Aired: 2/28/22
- Episode #16: Reefer Shipments and Temperature Control – Aired: 1/24/22
- Episode #15: Carrier Vetting for Cargo Theft – Aired: 12/1/21
- Episode #14: Understanding Contractual Risk Transfer – Aired: 10/18/21
- Episode #13: How to Guard Against Large Losses in Transportation – Aired: 9/20/21
- Episode #12: Crash Avoidance Technologies for Transportation Companies – Aired: 8/16/21
- Episode #11: Shifting Cargo theft trends through 2020 and the first half of 2021 – Aired: 7/12/21
- Episode #10: Cyber Risk Prevention for Transportation Companies – Aired: 3/9/21
- Episode #9: Best Practices for Vetting Motor Carriers – Aired: 2/8/21
- Episode #8: Liability Risks Facing Freight Brokers and Ways to Avoid Them – Aired: 1/11/21
- Episode #7: Understanding Holiday Cargo Theft Trends – Aired: 12/11/20
- Episode #6: Common losses facing transportation businesses and risk management solutions to help combat them – Aired: 11/09/20
- Episode #5: Cargo theft highlights for 2020, and prevention and recovery strategies that can help mitigate loss – Aired: 10/19/20
- Episode #4: Claim considerations for transportation companies – Aired: 9/18/20
- Episode #3: Key cargo theft considerations for transportation companies – Aired: 8/10/20
- Episode #2: Key insurance coverages for transportation companies – Aired: 7/13/20
- Episode #1: What to look for when selecting a cargo insurance carrier – Aired: 6/22/20
*This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations.
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More Miles, More Knowledge
The transportation industry is continually evolving. From cargo theft trends to security best practices, have a listen and gather key takeaways on today’s most challenging issues.
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