Issue link: http://read.dmtmag.com/i/103886
This selection strategy is risky for at least two reasons. First, you must establish criteria that meet your definition of acceptable standards which itself can be challenged. Second, any internal deviation from these established acceptable standards by someone within your organization will allow the opposing attorney to attack their merits and suitability. The choice is yours. The final option, no matter which strategy you employ, is to transfer the risk of loss to an insurance company via a contingent auto liability or broker errors and omissions policy. However, brokers and intermediaries can be lulled into a false sense of security with these policies. These contracts are relatively new to the insurance industry and caution should be used when purchasing them. While well intended, the wording in these contracts is generally not subject to review and approval from the state insurance divisions or commissioners. This allows each coverage form to be unique and the drafters of the forms free to put whatever they like in the policy language. We have reviewed several policies that have gaps in coverage or simply aren't written well enough to eliminate the possibility that no coverage will exist when it's needed the most. So before you spend money foolishly, with false expectations, make sure you are doing business with an agent or broker that understands your industry and always have these insurance contracts reviewed by a qualified transportation attorney. OO Robert Mucci of Wolpert Insurance Agency, Inc. in Worcester, MA is a Certified Insurance Councilor, Accredited Advisor in Insurance, a MA Licensed Insurance Advisor, a Certified Master Workers Compensation Advisor and a former Certified Public Accountant with PWc and Bain & Company, Inc. He has more than 25 years experience in the insurance industry specializing in commercial risk strategies. For additional information he can be reached at 508-459-4760 and robert@wolpert.com. For more information visit www.wolpert.com. Progressive Insurance. We get you back out there fast. Progressive will never leave you on your own to fix your truck. Instead, our highly trained claims specialists work with you as a partner and your single point of contact throughout your claim process. Keeping you moving. Now that's Progressive. Call for a Free Quote 1-888-375-7905 Find an Agent ProgressiveCommercial.com Progressive Casualty Ins. Co. & affiliates. 11B00314.T1 (01/13) 11B00314.T1_OO.CD_4.75x3.425.indd 1 OO0213_text2.indd 59 February 2013 / OWNER OPERATOR/ 59 / / 1/2/13 11:45 AM 1/4/13 11:40 AM