Dear Insurance Adviser, Thank you very much. Dear Pamela,
Our daughter is 24 and is still on our auto insurance policy — living at home, driving our cars. Is there any way we can lower our risk if she has an accident? I should say: How can we do that as cheaply as possible?
Whenever the driver of a vehicle causes an accident, the injured party usually sues both the driver and the owner. They sue the driver for negligent driving. They sue the owner for the negligent condition of the vehicle that contributed to the accident. It’s not that difficult to prove that the tires were a little too worn or the brakes were not in the best condition or the steering was out of alignment.
Dear Insurance Adviser,
Thank you very much.
There are some things you can do to reduce your risk. You can gift or sell one of your vehicles to your daughter, which transfers the ownership risk from you to her. If that’s not feasible, require that she get her own vehicle and insurance.
The lowest-cost way to insure that vehicle usually is with the same insurance company that insures your cars. She could save about 40 percent on the cost of insurance if she gets a nice, older vehicle that doesn’t need collision or comprehensive coverage for physical damage. An advantage if she has her own auto insurance policy is that any tickets or accidents that she gets will affect only her rate — not yours.
One caution: While she is living at home with you, make sure that her auto liability limits equal yours. If you have an umbrella policy, make sure that her liability limit satisfies the minimum threshold required by the umbrella policy. A common mistake is allowing an adult child to buy less liability coverage than the parents buy because the adult child has a much lower income and asset position, and with less to protect doesn’t need as much coverage.
This is a mistake because it could put you in violation of your personal umbrella requirements, leaving you responsible for the difference. It’s also a mistake because there may be occasion where you need to take your daughter’s vehicle. Your automobile policy covers you when you drive other people’s cars, with one exception: It doesn’t cover when you drive other vehicles in your household that are owned by family members.
If you must require your daughter to have more liability coverage than she would otherwise buy, it might be a nice gesture to pay the difference for the increased limits.
When she moves out and establishes a permanent residence of her own, she is free to buy auto insurance at whatever liability limits she wants, with no effect on you.
To undergo a successful export and import function, a company should deliver the goods at right time to the clients which help to maintain smooth relation with the customers. This helps to make the customers to stay forever in the company. Hence, all the companies will prefer best international freight forwarders to perform such function effective and efficient. Basic function of the international freight forwarder is to transporting the goods to different places at right time by shaking hands with the carriers who will support them in shipment. They will perform the complete supply chain management function which helps the shippers to deliver the cargo at right time to the clients. As several international freight forwarders are available in the marketplace, a company should choose the best one for spedizioni internazionali1. A company should look over the certain necessary things to select the best freight forwarder which are as follows.
First, check out the services offered by them globally and find out, in which countries they are strong and weak. This will helps to choose them according to their potency in countries. Next, find out whether they will provide warehouse facilities in foreign destinations or not. Confirm about the communication issues (i.e., language problems) in foreign office. Check out whether the freight forwarders whether they will provide complete list of costs for the goods undertaken for delivery or not. During the trasporti internazionali, most of the companies will face the problem of customs clearance. Hence, the export companies have clear idea about the custom clearance during the shipment. Confirm that, whether the international freight forwarders will provide the necessary documents during the customs which is basically needed for custom clearance. Check whether they will claim insurance coverage if it is needed during the financial transactions. These are the basic inquires a company has to undergo before selecting the international freight forwarders to perform the shipment function.
Another one of the more prominent themes among bond ETFs last year was growing speculation that high-yield bonds were approaching bubble territory. Calls for asset bubbles is an old investing avocation, and since the global financial crisis, it seems that every time an asset class’s popularity rises too quick for the comfort of some, a bubble must be right around the corner.
Talk of a junk bond bubble seemed to start in earnest in the second quarter of 2012, prompting a spate of coverage of the topic1. Later in the year, there were reports of redemptions from popular junk bond ETFs such as the iShares iBoxx $ High Yield Corporate Bond Fund (NYSE: HYG2).
Those reports may have fueled the fire of the junk bond bubble prediction, but most mainstream media coverage of the issue ignored the fact that while HYG saw some modest outflows here and there, some other new high-yield bond ETFs became home to soaring inflows3.
In other words, some important points about the efficacy of a junk bond bubble in the current environment are being missed, according to Market Vectors Portfolio Manager Fran Rodilosso.
“I think there is a difference so far between what we are seeing at the beginning of 2013 and the types of credit bubbles we have seen historically,” said Rodilosso. “A bubble is built on excessive leverage, and modern bubbles have been fueled by leveraged buyouts, real estate speculation, and structured products with a high degree of embedded leverage.”
While 2013 is still young, investors to this point, have scoffed at talk of junk bond bubble, sending major high-yield bond ETFs modestly higher to start the new year. HYG, the largest junk bond ETF by assets, is 0.7 percent to start the new year while its primary rival, the SPDR Barclays High Yield Bond ETF (NYSE: JNK4) has gained 0.1 percent.
Noteworthy is the fact that the SPDR Barclays Short Term High Yield Bond ETF (NYSE: SJNK5), JNK’s short duration equivalent, now has almost $668.6 million in assets under management, according to State Street data6. That is up from $518.7 million on December 4.
Clearly, quantitative easing, which has depressed yields on U.S. Treasuries, has contributed to a yield chase. However, as Rodilosso notes, credit spreads between junk bonds and Treasuries are not at concerning levels.
“Yields have been pushed down by a highly aggressive central bank policy, with the result that yield-oriented investors have been pushed into owning lower-rated credits,” said Rodilosso. “As a result, the yields on riskier debt are as low as they have been. But the credit spreads, the difference between the yield on high yield bond and a Treasury security, are actually closer to their historic average.”
One issue that may be fueling the junk bubble chatter is new issuance, which rose to an all-time high of $306 billion through the end of October7.
In years past, that might have implied increased leveraged buyout activity or companies using debt to fund dividends, but Rodilosso highlights a different possibility.
“Whereas during a more classic’ bubble a vast majority of debut issuance has historically funded takeovers, dividends, and massive capital spending, 2012′s record issuance was still, for the most part done for the purpose of refinancing. That refinancing was done at lower interest rates, reducing the cost of debt for many borrowers, while reducing the amount to be paid back over the next two years.”
Rodilosso oversees $1.4 billion in assets across several Market Vectors ETFs, including the Market Vectors Fallen Angel High Yield Bond ETF (NYSE: ANGL8) and the Market Vectors Emerging Markets Local Currency Bond ETF (NYSE: EMLC9).
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- ^ prompting a spate of coverage of the topic (www.benzinga.com)
- ^ HYG (www.benzinga.com)
- ^ some other new high-yield bond ETFs became home to soaring inflows (www.benzinga.com)
- ^ JNK (www.benzinga.com)
- ^ SJNK (www.benzinga.com)
- ^ according to State Street data (www.spdrs.com)
- ^ all-time high of $306 billion through the end of October (soberlook.com)
- ^ ANGL (www.benzinga.com)
- ^ EMLC (www.benzinga.com)
- ^ here (www.benzinga.com)
- ^ Bonds (www.benzinga.com)
- ^ Long Ideas (www.benzinga.com)
- ^ News (www.benzinga.com)
- ^ Short Ideas (www.benzinga.com)
- ^ Specialty ETFs (www.benzinga.com)
- ^ New ETFs (www.benzinga.com)
- ^ Events (www.benzinga.com)
- ^ Intraday Update (www.benzinga.com)
- ^ Markets (www.benzinga.com)
- ^ Trading Ideas (www.benzinga.com)
- ^ ETFs (www.benzinga.com)
- ^ Best of Benzinga (www.benzinga.com)
Employing the services of a reliable freight forwarding agent is essential in the import and export business. When your products arrive on time, you will gain a lot of satisfied clients and eventually increase your revenue in the long run. Therefore, it is necessary to know the things you need to know about freight forwarders in order to get the most out of your money.
1. Assist you in getting freight quotes or total costs for shipping overseas.
2. Supply a detailed list of expenses.
3. Book your freight space on various transport vehicles.
4. Secure and collect shipments from several suppliers.
5. Handle necessary documentation and other legal procedures required in shipping.
6. Offer insurance coverage.
7. Manage foreign customs clearance.
8. Other specialized services.
The kind of freight forwarding agents you hire can either break or make your business. This is perhaps the reason why most entrepreneurs in the import and export business look at freight forwarding as more than just a vehicle of delivering their goods from one place to another. Here are some tips to help you hire the right logistics partner.
1. List all your forwarding requirements and needs such as destination, weight, size and value. Hand these details to the forwarding company and ask for an exact quote. Never be satisfied with just one quote. It is better if you ask quotes from at least three different companies in order for you to compare prices.
2. Conduct a thorough research to find a suitable agent. It is necessary to know their credentials. These include the size and capacity of the company. In addition, you need to know whether they have a variety of carrier options for you. Ask them for some references to check their costumer satisfaction level.
3. Put your cargo in good hands by making sure that the forwarding company knows a great deal about your product. The import and export rules vary in different countries.
4. Know about the company’s financial stability. There are times when a cargo failed to be delivered on time because the forwarder agent failed to pay the ocean carrier. This will not only delay your business but it will also cause additional charges such as demurrage fee or prolonged use of a transport vessel. So even though, you are the paying party, make sure that the freight forwarder agent you hire is financially reliable.
Related Managed Service Blogs
We were recently the victims of an accident where the atfault driver was not the owner of the car. The car owner is saying she did not give permission to drive the car, the permission was given by the car owners daughter who was a passenger and an excluded driver. Will the car owners insurance still be liable for our property damage? What would be the consequence to the car owner to claim lack of permission?
This is a matter of implied consent. The driver may or may not have known the daughter was an excluded driver. He or she probably believed it was okay if the daughter said so. Otherwise, it is a theft claim and the car owner would have to report the situation as such to the police before the insurance company should deny the claim.
This could turn into a long, drawn out battle. If you have your own collision coverage, it may be best to make a claim through your own car insurance company and let them put up the fight on your behalf. Although it will cost your deductible, you should get that back if they are successful in getting the other company to pay them back for your claim. They have much greater legal resources than you do as an individual.
If you do not have collision coverage, talk the case over with an attorney and get an opinion. If you have a good case, an attorney should take the case. A lawyer will, however, take a third of any damages he recovers.
Although we do our best to offer you accurate and current auto insurance advice, we are not responsible for any negative consequences you may encounter after reading this advice. Insurance problems are often complex and can hinge on facts not provided in your submitted question. For this reason, you should not use this advice as a basis for any decision. We provide these answers for information purposes only, with the intention of steering you towards making your own conclusions about how to act or refrain from acting. Because we are not lawyers, no information on this site should be used as legal advice.
Logitude World, the provider of a cutting-edge freight forwarding software-as-a-service solution that combines cloud computing and modern technologies, announced today that it has formed a strategic partnership with Pangea Logistics Network.
Pangea is an international network of first class independent freight forwarders, and is as such committed to the continuous improvement of its range of services in accordance to the needs of its members. It is Pangea’s mission to define new services and search for the best specialized partners and solutions. Logitude World’s SaaS freight forwarding solution was conclusively a natural fit.
“As part of our business strategy, we are forming partnerships that especially benefit small and medium-sized freight forwarders,” said Iddo Amital, CEO of Logitude World.
Logitude World provides a freight forwarding software-as-a-service solution, combining cloud computing and modern technologies. The advanced solution allows freight forwarders, consolidators, NVOCC operators, and import/export managers to easily track and manage their full freight forwarding lifecycle. Developed on the Microsoft Azure platform, the easy-to-use cloud-based solution encompasses handling of quotes, invoices, shipments, billing and collections.
Pangea Logistics Network is an international network of first class independent freight forwarders, aimed to dispose of global coverage with presence in all main airports/seaports worldwide and to be a referential network on the market. Pangea provides high quality services to all its members. Professional partners include organizations specialized in different areas of interest just as, banking, insurance, training and formation, TI support, etc. enabling Pangea to offer the best valued service in each field.
As we ve discussed in the two previous articles, there s more to finding the right trucking job than just sitting down and listening to a recruiter give you all the reasons why the carrier he represents is the best one for you. It s all about doing a complete investigation. And that starts with asking the right questions.
Let s look at the next question and what type of information you need to be on alert for in the answers they provide.
Question Number 2 What insurance does the company pay for? Part of the uniqueness of trucking is there s no single rule when it comes to what a lease operator is required to pay for when it comes to insurance. Every carrier will have a different method and list of things they re willing to cover the cost of and what the trucker needs to pay.
In trucking you have several different types of insurance:
Auto Liability is the first. This is the one that every trucking company must have a minimum of $750,000 worth of coverage and an insurance certificate from the insurance company filed with the Federal Motor Carrier Safety Administration. Many carriers have at least $1Million in liability coverage. If the carrier hauls HazMat, that minimum increases to $5 million.
Depending on the carrier, some will charge you, the driver, a portion or all of what your truck s share is, while others will pay the entire premium. The point here is, be sure you understand what (if anything) it will cost you. And if they cover the cost, be assured they will compensate for that cost by paying you less of a percentage or less per mile. Nothing is wrong with this, as long as you fully understand the how much and why.
Auto Liability covers against loss from risks the company encounters with the operation of the company vehicles and drivers. This insures them for bodily injury or property damage to another party, also called BI/PD insurance.
Auto Liability insurance covers motor vehicles owned by the trucking company and the drivers who operate them. It is also where ease drivers are insured while under dispatch or operating under your directions.
Next on the list is Bobtail or Non-Trucking Use. This is your liability insurance when you re not under dispatch to the trucking company; meaning bob-tailing home, taking the tractor to go do laundry or to catch a movie. The operative word is not under dispatch to the company. Example: you have no load assignments, so you bobtail to the house for a bit of R&R. That would be covered under your Bobtail Insurance. While at home, dispatch contacts you and assigns you a load that you will bobtail to the location of the trailer. That is covered under the carrier s Auto Liability or BI/PD policy (Bodily Injury / Property Damage).
As far as who pays the Bobtail Insurance, that s usually deducted from the lease operators earnings and shown on their statements by the trucking company.
Physical Damage Insurance- This covers loss or damage to your insured tractor and /or trailer caused by collision, fire, theft or vandalism on an actual cash value basis. Regularly review the policy with your agent so you know what coverage you have and what it does and doesn t cover. You should do an annual review of the market value of all your insured vehicles to make sure you have them insured correctly. You can also control your premium costs by selecting higher deductibles. Remember Physical Damage Coverage pays the lesser of these amounts on a claim:
- Stated values in the policy
- Market value of the vehicle at the time of the accident
- Cost to repair or replace.
It s usually the lease operator who pays the premium for the Physical Damage Insurance.
Keep in mind, trucking companies can t require you to purchase Non-Truck Use or Physical Damage Insurance through them or use their insurance company. By federal law, you have the right to shop for your own to find the best deals. Now, if you re entering a lease-purchase program through the carrier, this gets into a gray area that would require an entire series of articles to cover. But the short of it is the wording in the lease agreement (not the Lease-Purchase agreement) between the trucker and the trucking company will determine the trucker s contractor status, and his/her responsibility for obtaining and paying for Non-Truck Use and Physical Damage Insurance.
Cargo Insurance- This policy is to guard against loss from legal liability for damage to goods or merchandise in the trucking company s care, custody and control in the course of transit.
This protection is required under the Motor Carrier Act of 1935. The policy covers the motor carrier if it is legally liable for the damage, destruction, or other loss of the customer s property being shipped. This includes lost packages, broken contents, and stolen articles. Two types of policies are available:
- Scheduled Based Policy lists the specific trucks to be covered in which the property may be damaged or destroyed.
- Reporting Based Policy covers all of the insured s trucks, with no trucks listed specifically. This coverage is on the Reporting Policy, which in essence covers all operations of a motor carrier.
It s important to remember there is no standard wording for Cargo Insurance policies. Therefore it is critical to read, know and understand the exclusions, definitions and terms of coverage before you buy, not after you ve had a claim.
In most cases the motor carrier covers the cost of cargo insurance, but some will charge a trucker a deductible for any damage or loss which occurs while the shipment is in the trucker s care, custody and control. This can also be different on different loads, as to who loaded the shipment, and who is responsible for load count and assessing pre-existing damage. So even though you may not be responsible for the cost of insurance, you will have certain responsibilities in regards to documentation, inspection and load securement of which you ll need to be aware.
Workers Compensation Insurance- Provides payments to injured workers without regard as to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
If you hire casual labor from time to time, or on a regular basis as a Leased Owner/Operator (household movers, produce haulers, special commodities haulers, etc), you may be required to carry Workers Comp to cover your help. If the carrier you are leased to has you hiring help, find out if they carry Workers Comp Insurance in case that casual help is injured on the job. Have the carrier provide you with a copy of the policy.
Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered. Be sure to work with an insurance expert knowledgeable in Workers Compensation for the state in which your trucking company is located.
Workers Compensation insurance must be bought as a separate policy. Although Package Policies can be written for most of the previously mentioned lines of coverage, they don t include your Workers Comp coverage. In some states, you may not be required to carry Workers Compensation Insurance. Nevertheless, it s always a good idea to elect Workers Compensation coverage if you hire any help to assist you in loading or unloading, because the helpers always have the right to sue for their injuries.
Occupational Hazard Insurance- This coverage is offered to Lease Owner/Operators as an alternative to Workers Compensation Insurance. It s a choice for you as a Leased Owner/Operator, and at a greatly reduced cost. (Check with your state labor department to see if you are able to obtain this coverage; some states won t permit the use of Occupational Hazard Insurance.) This insurance covers accidental death, dismemberment, paralysis, disability, and medical expenses for injuries sustained while performing the obligations of a Leased Owner/Operator under dispatch.
IMPORTANT: While less costly than Workers Compensation Insurance, Occupational Hazard Insurance is a limited benefit policy and generally does not provide coverage equal to Workers Compensation. Workers Compensation Insurance has loss of income possibilities and lifetime medical care benefits, Occupational Hazard Insurance doesn t.
Insurance needs to be studied, researched, and reviewed on a regular basis. When the insurance premium is coming due, review your coverage; whenever you add or remove a vehicle or an insured, review your coverage, or when your situation changes, review your coverage. This way you ll never be paying for coverage you don t need, or get the unpleasant surprise of not being covered when you need it the most.
Don t assume a trucking company has your best interests in mind; be sure if you re paying for insurance you have a copy of the policy with your name listed as either an insured or additional insured. A trucking company can t require you to purchase the coverages we ve discussed here through them. You can shop and compare insurance through any insurance company you want. Just be sure the coverages meet the limits and standards the trucking company and DOT require. Sometimes trucking companies has the best deal and sometimes not; do your research so you know you re getting the best coverage for your money.
Insurance is like a good road atlas; very boring until you need it.
Last updated 2 days ago
State and federal laws require that all motor vehicle operators carry current transportation insurance, from owner-operators to mid-sized and large commercial trucking companies; but with so many policies and providers to choose from, obtaining the proper trucking insurance for your clients is not always an easy task. Make obtaining commercial trucking insurance1 easier for all of your clients with this overview.
Types of Trucking Insurance Coverage
Commercial trucking insurance typically provides coverage for a number of areas including but not limited to:
- General liability: General liability provides coverage for damage caused when the vehicle is not driving on the road. This includes accidents that occur in parking lots, rest stops, gas stations, or while the vehicle is being loaded or unloaded. General liability2 trucking insurance policies typically provide coverage for vandalism and theft as well.
- Physical damage: Physical damage insurance includes coverage for the cost of fixing or replacing the truck if it is involved in an accident. Physical damage coverage may also include collision insurance to protect the commercial trucking company if the vehicle collides with another object, rolls, or overturns.
- Auto liability: Auto liability provides coverage for property damage or injuries sustained by other individuals due to a truck accident. This type of coverage is required by many state and federal commercial trucking agencies.
At Park Insurance Company3, our transportation insurance program provides comprehensive, quality commercial coverage at competitive rates for New York State s commercial transportation industry. We work with brokers to provide insurance for various commercial vehicles including concrete trucks, moving and storage vehicles, tow trucks, and construction vehicles. For more information on our services or to become an agent, contact our New York office at (646) 402-6745.
Driver & Team Look Forward to Starting Second Third of the 2012 Season
The off weeks between Texas and Kentucky have been exactly what this team and I needed, Paulie Harraka said. We were able to spend some great time together in Milwaukee and have grown closer as a team. We ve carefully evaluated where we are at and what we need to do moving forward, and are looking at the Kentucky as if it were the start of a whole new season. For that, I m really excited.
This will be Paulie Harraka s first start at the 1.5-mile Sparta, Kentucky race track but not his first time at the Kentucky Speedway. I ve tested cars at Kentucky before and know that the bumpy nature of the track will play a big factor in our weekend, Harraka commented.
Team owner Richie Wauters, in his tenure as a crew chief, has never gone to victory lane but has had two top-five and four top-10 finishes in just seven starts at the intermediate sized racetrack. Wauters best finish was third-place position with Aric Almirola as the driver in 2010.
Race eight of the NASCAR Camping World Truck Series season is slated for Thursday, June 28, 2012 at 8:00 pm. SPEED will provide live televised coverage of qualifying beginning at 5:00pm with race coverage beginning at 7:30pm. MRN & Sirius Satellite Radio coverage begins at 7:15pm.
Be sure to follow live practice, qualifying and race coverage at Facebook: Wauters Motorsports and Twitter: @WautersMotors5 , Facebook: Paulie Harraka, Twitter: @PaulieHarraka
Commercial Trucking Insurance: Cargo Protection Policies
Along with the required insurance policies that should be bought for minimal commercial trucking insurance coverage protection, there are additionally some further policies designed to protect your cargo and freight while hauling it. It solely by way of purchasing complete coverage that you would be able to shield yourself from the total array of damages that could occur in an accident.
The essential commercial truck insurance insurance policies solely cowl the actual truck and driver within the occasion of an accident. With a purpose to absolutely protect your self, you will need to additionally understand that different components of what you are promoting need coverage. The most obvious piece of coverage is cargo insurance.
Cargo insurance coverage protects not only the freight that’s being shipped in case of a spill, but additionally the injury that this could trigger to different drivers. Typically, the cargo is definitely probably the most harmful aspect of the truck to fellow motorist on the road.
Purchase cargo insurance coverage if you want extra protection for your freight or if you carry notably dangerous supplies that may very well be a hazard to other drivers.
Pay less than $20/month for Accident Insurance through insurance agency, wellnessplanusa.com, that will help pay for your deductible when you have an accident and are responsible for high out of pocket costs.
Mixture Insurance coverage
Aggregate is a particular mix of rock, grime, concrete, gravel and asphalt utilized in construction. This haul tends to be comparatively low-cost and really durable, so it is not as troublesome to insure. Mixture insurance coverage, or aggregate haulersâ insurance coverage, is designed to be less expensive as a result of nature of the cargo. It is understood that combination should be correctly transported in a closed container, but at the similar time there may be little or no potential harm from an accident. Whereas a driver carrying wood, cement or glass may injury their cargo in an accident, aggregate haulersâ can basically simply scoop up their misplaced cargo if an accident had been to causer spillage.
Normal Freight Insurance
General freight insurance sometimes cover somewhere between $10,000- $one hundred,000 value of freight in case that an accident cause the cargo to be broken or destroyed. This prevents the trucking business from being held personally accountable for the amount. That is amongst essentially the most basic of commercial truck insurance coverage insurance policies and is very really useful for carriers who transport items, particularly long distances.
This post is written by Nicholas Lee 51