Protecting Your Cargo From Theft

Did you know that the average value of a theft rose 27% in the second quarter of 2013 compared to 2012′s second quarter? According to a report from FreightWatch International, 194 thefts were recorded with an average loss value per incident of $164,594. As the owner of a trucking fleet, the last thing you want to happen is a theft to your cargo. Don’t be part of these statistics. Instead, take the proper precautions to prevent such risks and financial devastation to your commercial vehicles and employees.

The study also indicated that food and drink loads accounted for 31% of the thefts, including meats, fruits, and energy drinks. In addition, electronics accounted for 11% of the stolen loads. If your trucks carry this kind of cargo, then you should train your drivers to be prepared in case they find their truck missing cargo. Before sending your employees out to make a shipment, make sure they follow these procedures to prevent theft:

  • Invest in a variety of locks to secure the vehicle and the cargo. Intrusion can be limited by seals as well and alert the driver that the doors have been damaged.
  • Have some sort of surveillance on all your vehicles. This should be done on and off the road, parked, and within view of the shipping facility.
  • Your drivers should immediately report all suspicious activity and/or theft. Have them contact you and law enforcement officials. Make sure the issue is responded to quickly and efficiently.
  • Create a relationship between the carrier and driver so the scheduled to pick up the cargo is verified and done so smoothly. In addition, monitor the delivery routes and watch out for overdue shipments.
  • Install a security system on your trucks such as sirens, cameras, and automatic locks.
  • Make sure driver teams know that one person must remain with the truck at all times.

At Wolpert Insurance, we hope these tips help you monitor your cargo in an efficient way. You never know when an unpredictable event of theft could occur. In addition, rather than leaving your cargo at risk of being stolen, you need cargo insurance from us. Our agents understand your industry and will be happy to support you through the coverage process. Contact us at 888.596.5344 for more information today!

An Increase in Minimum Injury and Property Damage Insurance is Causing Tension

Have you heard that Rep. Matt Cartwright is fighting for all motor carriers to increase their minimum injury and property damage insurance coverage by almost 500%? Some believe this legislation is essential to protecting the nation’s highways as well as ensuring that victims receive the proper amount of compensation for their losses. However, many others believe this is a misguided solution.

The proposal by the Pennsylvania Democrat will require fleets to carry about $4.4 million in coverage instead of the current minimum of $750,000. Larger fleets most likely already carry the new requirement, but for smaller fleets and independent owners, this could cause much more harm than good. So the struggle comes with owner operators deciding whether they should have this kind of coverage to protect their own assets and to meet the demands of their customers.

According to Prasad Sharma, general counsel of American Trucking Associations, 91.7% of truck-involved collisions are settled for less than $25,000. In addition, only 0.19% of truck crashes cost the fleet company involved more than $1 million in insurance coverage. Therefore, Cartwright’s belief that the system is out of whack because the federal insurance requirement hasn’t been raised since 1980 could cause many businesses to suffer on their bottom line.

At Wolpert Insurance, we want to assure you that your trucking company will be protected with comprehensive insurance from us. Our team of experts can help any size fleet with their unique needs. The reliable customer service you will get from our agency is unmatched. Contact us today for more information about our trucking insurance policies and how you can save on your bottom line with quality protection.