EVERYONE IN THE USA SHOULD HAVE THIS INSURANCE! How the trucking business survives in America

Everything is blocked. They say that a house burned down somewhere. Now we will figure it out. What exactly does this insurance cover? People don't know. The house burned down. The neighbour's house burned down. This is our house. And this is the house that burned down. Here. But there are insurance companies that will offer a little more and a little better conditions. What kind of driver is this? What is this truck number? And you are left with one option. Then, the question is, what is this o

ption? This is not a "Help your neighbour" bureau. You take for a million. Why a million? Because if you're going to be sued, you're going to be sued by a million. This is the least. In general, if you look at such a concept as insurance. What is insurance? The English terminology is risk transfer. So, transferring risk. Transfer risk. I didn't even know about it. First of all, the insurance company is not some "Help your neighbour" bureau. Here I will pay you $100,000 a year, and you will cover

my mistakes. Therefore, overall, trucking companies are regulated by the DOT. So, by the federal government. That is, everything is constantly regulated by the government. Regulations, rules, laws and so on. In order for you to be active. To have your own company. To drive in general. In order to drive, in general, you need to have at least auto liability. Basically, auto liability. The minimum limit required by the DOT is $750,000. If your company has a reefer, dry vans are not high risks. Not

hazmat. $750k. What is it? This is the coverage limit. If there is an accident and something happens, they cover someone, a third party. Is this not your truck? Yes. It is divided into different lines. We will now go through auto liability, which covers someone. Basically, you were driving; God forbid you had an accident. Whether it's someone's health, or someone's house, or someone's car. It doesn't matter if they are passengers. Up to $1,000,000 - they cover. This is such a moment... Why does

$750k cover up to 1 million? $750k is the minimum required by DOT. Basically, it is the least it should be. And we all take a million? So. Yes, all of you are taking for a million. Why a million? Because if you will be sued, you will be sued for at least a million. This is, in general, according to statistics. So, a small accident. The driver calls us and says - I hit a grandmother there a little, scratched the bumper. And the grandmother finds a great lawyer. And this is potentially a million

dollar claim for the trucking company. I think it would be interesting to make a separate case video for your viewers. Write if you are interested! If you are interested, we can give cool and interesting examples. You have real cases, right? We have enough of them. It would be better not to have them, right? We can show you the photos. I think they can be attached. What I will add to auto liability. Often clients take auto liability. They see it as either $750k or a million, which has become the

standard in this industry. Because brokers want it. And it is better to have a million because everyone is focused on a million. And here is this million... It is important to understand that it never covers the truck driver. He does not cover his medical bills. There are a lot of customers who think that it is for everyone and everything. This is also for me if I mutilate myself - then I will be paid hundreds. No! It's a million just for someone. For the one who was hurt by your actions. From

your negligence. Basically, if you crash into a house, it will be covered. Crashed into a car - the car will be covered. Crashed into the bridge - the bridge will be covered. Hit the car from the front... Responsibility, as a liability. So, you are responsible for what surrounds you. Therefore, it covers all of them. That is, it will not cover the truck? Cargo - will not cover. This is a liability. This is a liability. Towing will not cover. What is liability anyway? This is when you are liable

for something. Liable for something. That is why it is called - auto liability. Moreover, a small correction. One million is such a beautiful number. All brokers - they want to see that you have at least one million. But if God forbid, there is an accident, and someone dies... A million is the maximum your company will cover. And how much will your trucking company be sued for... Then everything will be out of pocket. Yes, then everything will depend on what you have. That is, the lawyer will lo

ok at how many trucks the company has. Trailers. Everything will be taken away. Everything will be taken away, yes. Sorry, I will also add here that for many customers - they think that a million is a lot. Wow. A million dollars is a real wow. I probably thought so 6 years ago too. Now we look at one million as a very small amount. This is the minimum that can be? Yes, this is the minimum. So, for a personal car, in the States, there are standards of $25k as a minimum. This is a modest minimum.

For example, a truck driver who drives a couple of expensive cars - a million dollars. So, we are doing an interview already. Meet - this is Maxim, and this is Pavlo. I can't hear myself, either. Hello, everyone. My name is Denys, and you are on the Load N Go channel. We decided to go further, to the mountain. What feedback? A? What feedback? Vitaly - I am delighted. Cool. Look at the landscapes. We are like in space. So, Lod N G, and U Trust Insurance... Today we decided to go for a ride. You a

re on the Load N Go channel I videotaped it! So you... The main thing... The main thing that I... I see that you already got up and went on. I actually got up and went on. It's like I filmed this moment. Cargo. I think the second and next thing you need to be in business is cargo coverage. Cargo. This is insurance for transporting - cargo. Cargo is also a specific coating, and a lot can be said for it. There are a lot of different nuances about what is covered and what is not. But generally spea

king, everyone has a limit. You can transport dry products in dry vans or in reefers - $100k. Well, even if you look at it now... Five years ago, $100k was normal. Now - this limit should be raised. At least $150k. Because we see reclaims We see reclaims in the $110k - $120k range. For example, if it's a total loss, and you have $100k of coverage, you pay $20k out of pocket. And why pay out of pocket if it is the broker's fault? That he gave you $120k cargo, and you have $100k in the contract. T

his is already a headache for... It is possible that there will be some courts or something like that. It is already necessary to find out who is guilty and who is not. This will be sorted out later. And the fact that that money is not enough. Those products that were previously valued at a certain amount - now the prices have increased. Cargo liability is a cover... Everything is simple in liability; there are no major changes. I will give one piece of advice for auto liability - always ask if

there is pollution. Make sure that pollution is included in auto liability insurance. Because if you wreck your truck and your tank leaks fuel, oil, gasoline, or whatever… And such a cool cleaning company comes. It cuts the ground a little. It cuts the ground and issues a bill for $50k. These are normal things in our industry. So if you bought very cheap insurance, and not very well-known - and you rejoice. So just be careful and always ask about pollution. As for cargo, that's probably what we

pay the most attention to. There are a lot of nuances and customization. Depending on the freight carried by the company. If... Let's not delve into the middle. Let's analyze the minimum, you know? A truck is driving, it has cargo and a trailer. An accident occurs, and the trailer breaks down. What does cargo insurance cover? Cargo covers that trailer, Is there some kind of towing? What does this insurance specifically cover? People don't know. They really don't know. The first is that it covers

the cargo. Cargo and that's it. Basically, the trailer... In some companies, they can cover towing. Maybe they can cover overload? Yes Restocking fee? How much, somewhere around 10,000 is the limit. Usually, up to 10,000 for cleanup if the cargo has spilt. This is a sub-limit. Basically, it is $100k for a freight if it is damaged. And $10k for a cleanup. There may still be an additional $5k for unloading and loading. If the cargo needs to be removed from this trailer, moved somewhere else, and

brought to the shipper if it is still in normal condition. That is, there are some sub-limits, and there are actually a lot of them. Here, you can analyze it for a very long time. Basically, you put them together like a car. The more functions - the more expensive. Not all insurance companies will give you options that you can customize. Usually, it's only big companies that have at least 30+ trucks. We have a unique market where we can generally do what we want. There it will be a matter of pri

ce. But if necessary, we will do it. These are very unique conditions. In smaller companies, it is increasingly standard. But there are insurance companies that pay a little more and a little better. Let me just give an example, and we'll be done. For example reefer. There is a reefer breakdown, yes? What it is? If you are engaged in reefer transportation, you want to sign a contract with a broker, load meat, vegetables, and so on. You definitely need to have a reefer breakdown. This coverage co

mes separately, also for $100k, in case the cargo is damaged due to the fact that the reefer unit has stopped working. Stopped working... Does not cool or heat. This is a good example. The insurance companies themselves sometimes have a lot of classes, nuances and requirements even for this coverage. For example, if they see that you did not do maintenance correctly. If they see that there is no maintenance at all. So, on the unit itself. Yes, yes. That is, you are glad that you have this covera

ge, but you do not know that there are additional conditions that must be met in order to receive money. Will he come to see it? Yes, yes. Or, for example, if there is a company. If there was no fuel, that is, it stopped working - because of fuel. This is your responsibility. You should have checked that you had fuel. There may be an exclusion for such a case. It's just a driver's error. There is a separate cover with reefer breakdowns. Unfortunately, not all companies are ready to offer it, and

unfortunately, sometimes it is impossible to get it. Can I interrupt you and ask a question? How do you, from your side, see who is guilty in this case? Trucking company, driver, insurance company? Who is really guilty when the fuel runs out? Trucking company. Actually... Not the driver? When we say trucking company, it is primarily a driver. And if it is owner-operator? We have many owner-operators in America. Here, you can already see that we have entered such a fine line where the responsibi

lity of the trucking company overlaps with that of the driver. How often do you explain to him. Because in the end what will the driver do? He resigns and will move on. We can keep $2000... Not good news from yesterday... Yesterday, the neighbour's house burned down. A very unpleasant situation. Wow, they have already covered everything with boards. That just happened last night. Marta sent this photo. The house burned down. What do you think will happen to these people? How much money did they

lose? I think that there is a minimum of money. They only lost what burned inside the house. Because for every house, you just have to have insurance. You just have to have it; it's a commitment. You can't buy a house without insurance. If your house was worth somewhere around $200k. Well, for example, $200k, I don't know, but maybe it costs $300k. You must insure it for this amount. If the house burns down, the insurance pays you $200k, and you have to pay off that loan first. It will be mandat

ory. And all the rest that you have left, you will keep in your pocket. Damn. It is not at all clear what is happening here. I came home... That's where I live. And here they go to see if our street has been opened. Tell me more about the deductible, please. Because not every... I know that liability - there is no deductible. Right? Some companies are issuing. These are not such companies. This is the group's risk potential. These are companies with a bad rating. Basically, most of the good comp

anies, there are no… There is no liability. And cargo? Deductible for liability is practised more often; this is when there are already 100-200 trucks. And when there is already a certain level of self-retention. It's not even called a deductible. What is self-retention? Self-retention is like a deductible. So, there may be $30k in self-retention auto liability. This means that you cover all claims up to $30k. And in this way, you can underestimate the price of insurance. And secondly, you feel

more responsible for yourself. And you... It seems intuitive... Basically, intuition will make you pay more attention to safety and do everything... So to make claims more orderly. Because you know that if something happens - you can lose $30k. Therefore, there is such a moral thing here. But this is already practised in large companies. But if you look even at large companies, how much they cover claims from their own pockets. For example, the same liability, for $3k, $5k, $7k - they close out

of pocket, and do not open that claim. Why? Because there is another important factor. So look, you have a liability - for one million. It is better to have 1 accident and 1 claim where you were paid 1 million. Then, having 5 claims, where you were paid 1 thousand each. Hmm, yes? If you look from the side, it seems illogical. But the logic is that each of these claims could potentially be a million. Basically, there were about 5 accidents. Which may or may not have been worth millions of dollars

. Maybe in two years the lawyer will wake up. They also look at the quantity, right? Yes, of course. Basically, it looks suspicious to them. That there was a mistake. Here, the driver hit the car, and here, he made another mistake. There are two main indicators - this is the last frequency, basically, how often and how much. There is also the last ratio. This is what size. And these are the two factors that the insurance company takes into account. So Paul is right. We didn't pay anything; there

are 10 closed claims with a 0. This is really bad. And when the story still says: "He was reversing, hit the car. The driver was not injured." So, you already understand that the driver was sitting in the car, now he is not injured... And what will happen in two years? Basically, there could potentially be someone... I received an email just a couple of days ago. In 2022, there was an accident. Now, an email arrives with the question: "Did they have an umbrella or access liability?" That is to

say, I already understand that, most likely, the company has already paid a million, and it is necessary to pay more. And they asked if there was any more coverage. If it wasn't. The court has already decided that. You won't cover the truck anymore. It's the company's fault. So. So we have cargo and deductible, right? If yes, approximately how much is the average deductible? $2500 or something like that? On average, it is somewhere between $1000-$2500. Okay. So, usually, it's set by a company, r

ight? So that's... Basically, these are brokers. Not all brokers will want to work with a $5,000 deductible. There are such deductibles for cars. If the car is new - $10,000 deductible. That is, the broker will look and does not want to give you the car. For example, 7 cars are loaded, $10,000 deductible. One accident, a truck and a trailer. You simply will not withdraw this money later. Then I will go to work with others. So, what kind of truck do we have here? I can't believe this is our truck

. I thought it was the owner. It's just some trash. I don't know what number it is. Oh God damn. What is it? And what kind of driver is this? What is this truck number? This is 120. This is 120? So he was in the shop. Is this Adam Adam? One of the wheels is completely destroyed. Is this a truck that drove under the bridge? Under that thing? Ah, this is the truck... Maybe you remember that video, how he drove through a stop sign and then turned back. And the pole went up, and everything tore from

the bottom of the truck. Well, how can you... If you smoke, you have to be a pig to smoke and throw cigarette butts there. Take it and buy yourself a cupholder. There are special ashtrays for trucks. Damn, this is some driver... He came to work with us not for a long time. Well, there is a liability; there is cargo. The third and one of the main types of insurance is physical damage insurance. Tell us a little more; we have a lot of owner-operators who are potentially watching our channel. They

would also be interested in understanding what physical damage insurance is. Why is it needed? How better for them to do. Whether to open, for example, physical damage under our company or personally under yourself. Tell me some such nuances. I would also like to add that many drivers refer to this as bobtail insurance. Is there any difference? Is it the same thing? Physical damage is bobtail insurance. Everyone puts different meanings into this name. Because the bobtail originally had a slight

ly different name. But we also used to call it bobtail. Bobtail is practically the same as power only. In most cases So let's go. Step by step. Step by step, tell us what it is? Well, let's start with physical damage. Physical damage is coverage that goes to equipment. On a truck, on a trailer. Or separately for the truck and separately for the trailer. When we talked with the client further, he said that he wanted his truck to be insured. We ask, what is the price of the truck? He tells us - $5

0k. And we state in the insurance that this truck is worth $50k. It is important to make this number as accurate as possible. Do not exaggerate, and do not substitute. Because if the truck costs $50k on the market. And the client says stop - on the day of the accident, the insurance company will always look at the market. And he can say that it's cool that you have a truck worth $100k, but your truck isn't worth $100k. It is worth $50k. And that's why we always say - market price. And so they wr

ote $50k. This means that if the truck had an accident, crashed, flooded, hail struck, a tree fell... Up to $50k - they either repair it, or they write you a check, and you buy a new one. And if we took a loan of $100k, and its price is now $50k. Is there gap insurance for this? Yes. 100%. We already know that. There is also such insurance for property inside the house. If those people had this insurance, then they lost practically nothing. But it seems to me that for each insured item, you must

have a receipt, evidence that you bought this item. How much was this thing worth? For example, we personally... I do not have such insurance. If my house were to burn, everything in the house would burn. I would probably take only the child and Martha, that's all. And the rest of the things would burn. Everyone came, and the streets were blocked. A bunch of firefighters, a bunch of ambulances. I hope that nothing happened to the people, only the house burned down and that's all. There is such

a question when we talk about cheap prices. And if you look at the trucking company. If you ask anyone how much they have paid in claims out of pocket over the past 5 years. Because one or another claim was not covered by your policy. It sometimes reaches hundreds of thousands. Then you can do an analysis, and it is better to add this $100k to insurance because in the long run. For years 2, 3, and 4 - you either have a cool product, and you know what you're paying for. This is a strategic questi

on. It is not just a question of how to insure. Here the question is what should be done in order for your company to be insurable. So that it could be insured. Well, in the long run. For example, if there are legal issues. If you have 1-2 trucks, there is a very low chance that you will be sued. If you have a large company, then it is only a matter of time before you will be sued. Yes, it is a matter of time. It's a matter of when not if. Look, we will finish already. We've just been here for 3

days, actually. We have been here since Friday, and now it is Monday. We have been talking about insurance for 3 days now. Let's make a summary. I would say that I was very interested in hearing a lot of details. We already know many things thanks to the fact that we work with you. We worked with another company. We were at a lower level. We just knew the minimum and basic information, and you have to live with it. When you now see the bigger picture, you have a better understanding of everythi

ng. In general, our business as a trucking company. One question for our viewers. As a case study. Imagine such a picture. You are working as a car-hauler. You are engaged in the transportation of cars. Or on a flatbed. Such an example would be. You transport cars. You came for delivery. You, as a driver, get into this truck. You are leaving. And you literally have to drive a few meters. Take it to the dealer. And while you were driving this car. You hit a person. Here is the question of what in

surance should cover: a) the person you hit. b) the car you hit. The car, in your case, is a cargo. But at that time, it was already on the road, and you had already become the driver. And here is the question of which insurance covers what. So, you were under dispatch. And a little hint. The one who says that this is general liability is not the correct answer. Therefore, this is not an option. The first one to answer this question correctly. We will follow the comments - and will receive a $50

bonus. $50, yeah, $50. We will send $50-100 to this person. And explain why. Minimum 7 words. We will drop this answer option to you, and you confirm whether it is really so, and this person will receive his prize. Good, let's move further. A lot of new people are coming to America now. Through the U4U program. Ukrainians, it will be very cool for you to find contact with these people. You speak Ukrainian. This information can be explained in more detail to these people. What would you advise t

hem? Maybe a few short things. Many of them will be truck owners and potentially owners of trucking companies. Because it is mostly like that. You know, Vitaly, this is a valid question. Sometimes such people have difficulties. Firstly, because they are not familiar with this industry. They do not know all the nuances. And there are a lot of nuances. Therefore, the number 1 advice is to find a person, a professional who can explain everything and give advice. It is advisable to do this before op

ening a company. Because even at this stage, depending on how everything will be done, the price can be either too high or too low. This is what we were talking about: what is the zip code, and where does he park the truck? Yes, yes. There are nuances here. Therefore, it is advisable to contact an agent or some company. And not just any kind. If you want to call us, we are only available for it. But... The number is somewhere here. But still, they will call you, they will ask you. But do your re

search. Do diligence. And find a company that is verified. For someone to give you a referral is good. Do online research. Find a professional who will help you give some advice, even before opening a company. This is the number 1 tip I think. There is a lot to analyze here, but we need another hour of time. This is the most important thing. The second thing I will add is such a myth. When did you open a trucking company, and when does the question concern insurance... It's a myth when... Such a

n understanding... Guys, I have 10 agents who will give cheaper - I will go with them. It doesn't work like that. Unfortunately... Sportage, anything is possible. Ten different agents have written you a company, and all of them have refused. You are left with one option and the question of which one. Therefore, again, find a partner - a person whom you can trust, not only regarding insurance. Here, the questions can be about both IFTA and registration. All compliance. Must be DOT compliant. You

have to fill out all kinds of forms in different states. This person is needed. Either you do it all yourself, or you pay someone, and you have this peace of mind. Just calmness. That everything will be under control. An insurance company is needed for this. Thanks guys. Let me tell you something else. We are working with boys, and we have been working together for more than half a year. More than half a year, and I realized that during these half a year, I learned more information than with the

previous agent in the whole 3 years. Guys and viewers, you are on the Load N Go channel. We really want to say thanks to you too. Because for us, clients like you who listen, who understand and listen, are premium and classy clients. That's why we are always excited to have such clients, so 100% thanks to you. If anyone has any other questions, or something was not discussed - write to us.