Canal Insurance Company Improves Credit Rating

Did you know that recently AM Best improved Canal Insurance’s financial strength rating from a B++ (good) to A- (excellent?)

It has an impact on the long-term insurance rating of Canal Indemnity and Canal Insurance, collectively known as “Canal Group”. The improved rating shows the strength of Canal’s balance sheet. AM Best has determined their sheet and credit rating as stable and stronger in contrast to their previous ones.

In addition to the balance sheet, Canal Insurance Company has strengthened its limited business profile, operating performance, and enterprise risk management. Typically, the upgraded ratings reflect an improvement in operational performance. These took place due to re-underwriting initiatives the management introduced many years ago.

Management is now manifesting these initiatives shown in reported results. The management used to be more conservative in terms of reserving practice and eliminating the past year’s reserves loss development. However, things have changed significantly with their strengthened financial position.

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Minneapolis Bans Larger Trucks from Parking on Their Streets

The legislative body of Minneapolis has imposed a new restriction banning larger trucks from parking on the streets. The restriction aims to improve protection measures for citizens. Modifying an existing ban on parking, the city council wants to make zoning districts safe for residents. It’s a citywide ban that includes all larger trucks.

The newly placed ban seems to be a good decision for the residents of the city. However, it might cause a lot of trouble for truckers. Let’s delve into the details to determine the impact of the ban on truck drivers.

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Diesel Prices Have Risen 90 Cents on Average over the Past Year

If you’ve recently filled up your car, bike, or truck, there is no doubt that you already noticed that diesel prices have risen by quite a bit. The average price of fuel has increased by 90 cents over the course of the past year. Even if you’re not driving around as much these days, this change is hard to avoid or miss on the local news or social media.

However, if you have missed out on the news, we have you covered here. Keep reading to find out everything you need to know about the recent increase in diesel prices.

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CVSA’s Brake Safety Week Scheduled for Aug. 22-28, 2021

driver checking the truck

The Commercial Vehicle Safety Alliance (CVSA) recently scheduled this year’s Brake Safety Week for Aug. 22-28, 2021. This annual event emphasizes the importance of ensuring sufficient brake systems in commercial motor vehicles (CMVs). Specifically, the event highlights the role that brake maintenance and efficiency play in reducing brake-related CMV accidents on the road.

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The Insurance Act Attempts to Increase the Minimum Insurance Requirement by 556%

how the insurance act can affect you

There is no denying that the rate of trucking insurance has skyrocketed over the years. Despite these increases, many insurers are experiencing huge losses. It shows that the insurance industry, particularly associated to transportation, continue to face the challenging time.

The latest INSURANCE act HR.2687 is an attempt to increase the minimum insurance requirements for all trucking companies. Presented by Chuy Gracia –  U.S. Representative, the legislation is applicable to all commercial motor vehicles.

Insurance legislation aims to protect the families involved in truck crashes from financial devastation. It has stirred a debate among truckers.

If you belong to the trucking industry, learning about how the new INSURANCE act HR.2687 will impact you.

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The Top Pickup Trucks Hitting Showrooms in 2021

Pickup trucks, sport utility vehicles and other large automobiles are en vogue in 2021.  Diminutive vehicles with little space are declining in popularity as more Americans gravitate toward pickup trucks.  However, choosing between the best trucks on the market is not easy.  Let’s take a look at some of the top candidates for purchase and lease hitting the market in 2021.

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DOT Monitoring Services with Truck Insurance Quotes

DOT Monitoring

The trucking industry is heavily regulated and one slip can cost your company more than a little money. The government expects you to know and keep track of every DOT violation that crops up. When do they expect you to run your business? It would be nice if your company had someone looking out for you to warn you when unaddressed violations are about to become your worst nightmare.

Guess what? That’s what Truck Insurance Quotes does for our customers. Keep reading to learn more.

How Does Truck Insurance Quotes Provide DOT Monitoring?

We’d like to start our relationship with a perk.

Our free DOT monitoring service tracks violations so that we can help our customers stay on top of their obligations. When you maintain a clean record with the DOT, it impacts your truck insurance in a positive way.

Nobody likes bad surprises. If you’ve had DOT compliance issues come up, it helps to know about it before the DOT comes knocking at your door. It doesn’t take much for things to go south if a driver thought they received a warning instead of a fine or the DOT officer wrote down the wrong information. No matter how careful you are, you can’t be everywhere at once.

Truck Insurance Quotes uses FMCSA’s DataQs system to provide DOT monitoring at no charge to our clients.

Who is authorized to use Clearinghouse?

What is the FMCSA?

The Federal Motor Carrier Safety Administration was created as part of the Motor Carrier Improvement Act of 1999. The FMCSA falls under the Federal Highway Administration and works to reduce accidents and injuries involving commercial motor vehicles. The administration regulates commercial motor vehicles including half a million trucking companies, thousands of Interstate bus companies and over 4 million CDL drivers.

As part of this mission, the FMCSA carries out the following responsibilities:

  • Enforcing trucking safety regulations
  • Identifying high-risk drivers and companies
  • Innovating safety information systems
  • Maintaining equipment standards
  • Raising awareness

One of the ways the administration raises awareness is through the DataQs system.

What Do You Know About DataQs?

DataQs Provides a way for trucking drivers and companies to review federal and state data regarding pending violations. The system also provides a way to appeal violations with incorrect or incomplete information.

If you would like to challenge FMCSA roadside inspection reports or correct information in crash reports, this is the easiest way to do it. Although there is no direct impact on court cases, by fixing the information in DataQs, you can then challenge the court case backed by corrected FMCSA information.

Our DOT monitoring service alerts trucking companies when violations are recorded and notifies you so that you can act accordingly.

Are You Looking for Better Truck Insurance?

Choose the truck insurance company that can protect you and your drivers. Truck Insurance Quotes has knowledgeable transportation insurance agents to help you find the most comprehensive coverage for the risks you face every day. Give us a call or message us on LiveChat for fast answers and to get a free quote.