Lease Operator Question

Topic 24259 | Page 2

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PackRat's Comment
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There is no max you can have for coverage, howeever the federal minimum now is $750,000. Each load and/or broker will require a minimum amount. I carry $1.5 million.

Grumpy Old Man's Comment
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There is no max you can have for coverage, howeever the federal minimum now is $750,000. Each load and/or broker will require a minimum amount. I carry $1.5 million.

I'm sure you can have as much as you can afford, I meant the max your will pay. For you, it's 1.5M.

I'm not trying to be a jerk, so don't take this the wrong way, but if you got a judgement against you for 25M, what would that do to you?

Old School's Comment
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I'm not trying to be a jerk, so don't take this the wrong way, but if you got a judgement against you for 25M, what would that do to you?

Personally I think it's doubtful any attorney would go after an independent O/O for that kind of money. You can't get blood out of a turnip. They will do their research, find out your insurance limits and go for all they can get. They generally aren't interested in forcing you into bankruptcy. They prefer getting paid.

They prefer to square off against the big boys. They're easy targets with plenty of payoff money available. Please, don't even get me started on this!

Grumpy Old Man's Comment
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double-quotes-start.png

I'm not trying to be a jerk, so don't take this the wrong way, but if you got a judgement against you for 25M, what would that do to you?

double-quotes-end.png

Personally I think it's doubtful any attorney would go after an independent O/O for that kind of money. You can't get blood out of a turnip. They will do their research, find out your insurance limits and go for all they can get. They generally aren't interested in forcing you into bankruptcy. They prefer getting paid.

They prefer to square off against the big boys. They're easy targets with plenty of payoff money available. Please, don't even get me started on this!

Makes sense. I have no idea how much insurance the company had. They went after the coil company, and the chain and binder company as well.

Here is the link, if anyone is interested. And it was $45M

Metal coil lawsuit

Sid V.'s Comment
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Industry standard on insurance coverage is 1 million liability and 100k cargo. That's basically for running the run of the mill dry van freight.

I will assure you with 100% certainty that the shipper and brokers will NOT let you haul the freight unless you are insured to the proper limits.

Not only do you have to reach the coverage requirements, many of those high value loads require you to have a certain number of trucks in your fleet.

Shipper:

The customer who is shipping the freight. This is where the driver will pick up a load and then deliver it to the receiver or consignee.

Dry Van:

A trailer or truck that that requires no special attention, such as refrigeration, that hauls regular palletted, boxed, or floor-loaded freight. The most common type of trailer in trucking.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.
Old School's Comment
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They went after the coil company, and the chain and binder company as well.

Yep, that's how the game is played. You find where the money is and then you go for it.

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