A bill is currently being pushed in Congress that could cause raise trucking liability insurance, according to Freightwaves.
Currently, truckers are expected to have at least $750,000 of commercial truck insurance. However, a provision within the larger Moving Forward Act could raise the trucking liability insurance minimum to $2 million – more than twice what is currently expected.
This comes at a time when so-called nuclear verdicts and associated rising commercial truck insurance premiums are making it difficult for many small trucking operations to stay afloat.
In recent months, many trucking companies have been forced to shutter their operations as a result of trucking liability insurance premiums becoming unaffordable.
Plus, the trucking industry at large (along with the rest of the economy) is suffering the adverse effects of the coronavirus.
The proposed $2 million trucking liability insurance minimum would also be subject to change due to inflation every five years, meaning it would continue to increase over time.
This would be a massive hit to smaller trucking companies who are already struggling to afford commercial truck insurance. The Moving Forward Act, if unchanged, could take out many more small trucking operations.
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