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Brightstone Blog

Insurance Trends for Logistics and Delivery Companies

Posted by Brightstone Insurance Services on 8/22/17 10:55 AM

This article originally appeared in the November/December 2016 edition of Courier Magazine. Click here for the full issue and article (found on page 11).

It continues to be a rocky road for the same day delivery and courier industry, as a record number of insurance carriers are exiting the logistics and transportation space due to what's known as, 'Nuclear Verdicts.' 

Brightstone / Risk Strategies Company's Peter Schlactus recently sat down with CLDA, Customized Logistics & Delivery Association Director of Public Relations, Andrea Obston for a Q&A, examining the present and future state of this ever-changing landscape.     

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Topics: Courier / Delivery Insurance

How "Nuclear” Verdicts Are Driving Up Insurance Costs for the Delivery Industry

Posted by Brightstone Insurance Services on 8/3/17 9:00 AM

Editor's note:  This post has been updated to include up-to-date information and resources.

“Nuclear” verdicts — sounds scary, right? Well, if you’re in the delivery industry, it’s not only scary, it’s a reality that may be costing your business major bucks (and headaches).

Over the last few years, an uptick of high-profile accidents involving commercial trucks has resulted in a series of large settlements where insurers were forced to pay tens to hundreds of millions of dollars to accident victims and their families.

These "nuclear" verdicts have carriers thinking twice about insuring trucking fleets, which results in fewer insurance options and increased premiums for delivery businesses.

Below, we discuss the shifts seen in the insurance market and how it impacts delivery businesses like yours. 

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Topics: Courier / Delivery Insurance, Brightstone News

Understand the Safety Risks of Distracted Driving

Posted by Brightstone Insurance Services on 7/5/17 11:10 AM

Same day delivery couriers aim to transport products from point A to point B in the fastest, most convenient way possible. However, business owners who offer expedited courier services must prioritize the safety of their mobile employees, as well as the safety of other drivers on the road.

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Topics: Courier / Delivery Insurance, Insurance News & Trends

Key Challenges in the Home Delivery and Last Mile Delivery Insurance Market

Posted by Brightstone Insurance Services on 6/28/17 2:34 PM

Business is booming for the home delivery and last mile delivery industry, and so are the changes and challenges affecting how you manage your business.

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Topics: Courier / Delivery Insurance, Insurance News & Trends

Cargo Risks - Part 2 of 2

Posted by Brightstone Insurance Services on 6/12/17 10:53 AM

Editor's note:  This post has been updated to include up-to-date information and resources.

From electronics and jewelry to mission-critical parts and pharmaceuticals, high-risk deliveries are commonplace in today's marketplace.  Couriers are transporting more types of high-risk cargo and according to numerous industry studies professional cargo thieves are becoming more brazen and sophisticated each year.

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Topics: Courier / Delivery Insurance, Risk Management

Cargo Insurance, What Are The Risks?  Part I of 2

Posted by Brightstone Insurance Services on 6/5/17 1:11 PM

 

Editor's note: This post has been updated to include up-to-date information and resources.

It's the phone call no courier owners want to hear, but it happens more than you might think.  As a business owner in the same day delivery world, courier cargo risks and insurance must be top-of- mind.  Depending upon your business practices and cargo insurance, the degree of risk you carry can vary greatly.  

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Topics: Business Insurance, Risk Management

Don’t Become a Statistic: Common Courier Claims to Avoid

Posted by Brightstone Insurance Services on 3/22/17 11:28 AM

Editor's note: This post has been updated to include up-to-date information and resources.

There are lessons to be learned from real-life courier losses and associated insurance claims. Below, we offer three examples of common claims and outcomes to help courier owners like you avoid these potential “potholes” and develop better risk management strategies.

The following are portrayals of actual scenarios and claims, although courier identities have been concealed. Learn from these all-too-common mistakes.

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Topics: Courier / Delivery Insurance, Risk Management

3 Ways Ecommerce Is Affecting the Same Day and Home Delivery Industry

Posted by Brightstone Insurance Services on 3/8/17 2:01 PM

With the rise of the millennial ecommerce shopper, consumer interest in same day and home delivery is already high—and quickly rising. In a recent report on same day delivery, BI Intelligence researchers found that “Four in 10 US shoppers said they would use same day delivery if they didn't have time to go to the store, and one in four shoppers said they would considering abandoning an online shopping cart if same day delivery was not an option.”

This shift in buyer behavior is unlikely to reverse on its current trend. And as the traditional supply chain, logistics and delivery industries evolve to meet these demands, the changing landscape presents new, unique challenges.

Now, same day and home / last mile delivery operations must find new, innovative solutions to help keep customers happy and inventory organized, safe and (most importantly) on time. Oh, and then there is the issue of insuring the business and its employees against costly risks and associated liabilities.

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Topics: Courier / Delivery Insurance, Insurance News & Trends

Trends in Insurance for Customized Logistics and Delivery Companies

Posted by Brightstone Insurance Services on 3/1/17 2:10 PM

This article was written by Andrea Obston, CLDA Director of Public Relations. It originally appeared in Courier Magazine

As our industry changes and adapts, the risks change and the need for carriers to insure against them must keep up.

Andrea Obston, PR Director of the Customized Logistics and Delivery Association (CLDA), recently interviewed Lisa Paul, CPCU of Paul Hanson Partners and Peter Schlactus, CIC, AAI of Brightstone Insurance Services, LLC. Both organizations provide protection for CLDA members along with four other affiliate providers. 

Here’s what they had to say about the risk and protection trends that impact our industry.

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Topics: Insurance News & Trends, Business Insurance

How to Identify and Reduce Workers Compensation Fraud

Posted by Brightstone Insurance Services on 2/10/17 11:45 AM



Insurance fraud and false workers’ compensation claims, from both a company and employee claims perspective, are a growing problem. The National Insurance Crime Bureau (NICB) estimates that workers' compensation fraud totals $30 billion annually in the United States. These costs not only affect individual businesses and owners, but the market at large—driving up insurance premiums and costing companies billions in unnecessary loss.

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Topics: Risk Management, Workers Compensation