WORKING HISTORY OF TRUCKS
The reason we need this info is that most Underwriters have a metric for debits and credits that analyze growth. If in any year they grow more than 50%, that’s considered rapid growth - high risk. It’s going to tip you off to ask questions: i.e. If a guy has been in business for 3 years, and for the first year he had 1 truck, 2nd year to 2 trucks, then current year is 5 trucks. “Wow that’s fantastic, I see based on talking through this piece that we’ve got to get filled in that you have been very successful. Tell me more about that growth?” (They have likely either gotten a contract or hired on owner operators). If more trucks than trailers find out terminals where the are stored and if overnight.
RADIUS OF OPERATIONS
If they say something like "I do long haul, i'll go anywhere they are paying good rates"
**That is great, you are casting the widest net & that means that you've been successful. Now, we need to break that down further, because at the end of the day I want to get you the best rate, not just "a" rate. From the time you pickup to the time you deliver (NOT roundtrip), what percentage of your loads in a month would be**:
Make them define general freight
They will get agitated. You are going to ask because you are better. “Im willing to bet my paycheck, that there are no policy coverage forms that exist that covers you for "general freight", so you have to define it so that there is coverage. We can’t define everything but the nature of theft for cereal boxes is different than designer clothes. A load full of dogfood isn’t going to be valued like a load for of Amazon. The UW just wants to know what you are hauling. If you leave it general the UW will put you in the highest risk and assume and the most expensive coverage type. So we’ve just got to talk about it”
Owned Truck(s) Information
Registered in the business name or individual owner of the company. They need to determine value, NOT you for E&O reasons. Tell them "If you overinflate it, all you are doing is paying too much for insurance because if you wreck it they are only going to pay you what it's worth. On the other end, if you low-ball it they only have to give you the value you stated which could leave you underinsured."
