A number of nuclear verdicts have rocked the transportation industry over the last several years. FreightWaves teamed up with Gulf Winds International to discuss how these massive jury awards are driving insurance rates up and taking a lasting toll on carriers.
FreightWaves Director of Freight Intelligence Zach Strickland and Texas Trucking Association President John Esparza tackled the issue head-on in a recent video chat.
Jury awards against trucking companies continue to swell to higher and higher dollar amounts, and the problem appears to be getting worse. According to Esparza, $713 million was awarded across just nine cases between 2016 and 2019, with $590 million of that being awarded in the past two years alone.
Despite safer driving practices and falling accident rates industry-wide, this rash of nuclear verdicts has driven insurers out of the market and sent insurance rates skyrocketing. Esparza and Strickland discuss how companies can fight back in the video below.
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Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now