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Why do some Freight Brokers dislike Lloyd’s Policy?

Even when the risks are difficult, you can usually find coverage in the Lloyd’s marketplace. However, the drawbacks are its sub-limits and exclusions. This means that you might have to purchase extra coverage because of those risk limits. In the event of a claim, expect coverage interpretation to be strict. Lloyd’s is non-admitted in California so they might not be subjected to certain insurance laws and regulations of the state.

Defining a Risk Retention Group (RRG)

When talking about a Risk Retention Group, the definition to keep in mind is simple enough. An RRG is a corporation or limited liability association formed under the laws of any state for the primary purpose of assuming liability exposures on behalf of its members. Policyholders are also owners. The difference with an RRG is that they are not rated by AM Best; any state insurance insolvency guarantee funds are not available for policyholders.

How do I find a good and trustworthy broker?

The thing about finding a broker you trust is that you don’t just trust anyone. Anyone that sells goods or services will always be able to pitch in a good word for themselves. It all comes down to vigilance: do your own research, check them out with the U.S. Department of Insurance website and see what you find out. Looking for more than one source always helps.

Do I really need General Liability Coverage?

You cannot guarantee that there’s never going to be an accident that garners some form of liability. That’s why it’s better to be safe than sorry. The actions of a driver while on other private property (loading docks, truck stops, motels, etc.) matter. What if there’s an error with the products or services? That means you’re completely liable for that problem.