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 For over 70 years, Central Analysis Bureau, Inc. has been an important part of the underwriting plan for the commercial auto and inland marine insurance industry. With its unique understanding of all aspects of the trucking industry, CAB has developed a proprietary rating system which, based on a series of specific ratios and equations, is utilized to analyze a motor carrier’s financial records to determine the financial strength of that carrier. For years, the name CAB has been synonymous with financial analysis, and an acceptable CAB rating is a prerequisite for many underwriters.
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Friday, 29 January 2010 13:45 |
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Hopefully you are all busy reading the full year report which was sent to you a few days ago. That is the most up to date information so we will keep this one very short and address only the little news and cases which have come up in the last few weeks.
TRUCK FATALITIES - The FHWA has reported that truck involved fatality rates declined 12.3 percent to 1.86 per 100 million miles in 2008. It is the largest year to year drop and the fifth consecutive year showing a reduction in numbers. There was an 11 percent reduction in folks injured in large truck crashes, down to 39.6 per 100 million. The FHWA also reports that total vehicles traveled by truck increased in 2008 to 227.45 billion miles
DRIVER TEXTING - U.S. Transportation Secretary Ray LaHood’s announced this month that text messaging behind the wheel is prohibited for commercial drivers effective immediately. Although the safety regulations do not specifically address texting, LaHood has stated that since the safety regulations do prohibit the use of equipment or accessories that decrease safety during the operation of a commercial vehicle, it can apply to texting. Section 390.17 of the safety regulations does apply to electronic devices that send and receive text messages
HOURS OF SERVICE - As we reported in the yearly resume, Hours of Service rules are back on the table. In addition, the ATA has now filed a suit seeking clarification of what documents carriers must keep to prove hours-of-service compliance. Those are the documents that a carrier must hold for six months to verify HOS compliance. The ATA has asked that the DOT be required to issue a Notice of Proposed Rulemaking within 60 days of the court’s ruling and a final rule within six months of the NPRM publication date. Congress originally directed the agency to make the rule effective in 1996. While there are informal guidelines it makes it difficult for a carrier to properly comply without knowing exactly what is required hence the suit by the ATA.
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Monday, 25 January 2010 12:07 |
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Simple survival was the main objective for most of the country in 2009. The trucking industry held on and hoped for the best. The events of 2009 were unprecedented as industry and individuals faced financial disaster. With so many industries affected by the dramatic drop in finances, there was little the trucking industry could do to minimize damage to its own operations. Overall the country saw over 1.4 million reported bankruptcy filings, both personal and corporate, to say nothing of the number of companies which simply closed up shop. The overall decline in truck tonnage pushed many carriers out of the industry and forced others to operate on an even smaller shoe string. Fleet size shrunk and profits dropped as carriers looked for new and innovative ways to stay in business. Even truck stops disappeared as more states were forced to close them in the face of budget constraints.
The inauguration of Barack Obama changed the political landscape. With a new administration we saw new leaders emerge in the different agencies, all with their own agenda. Ray LaHood took over the helm at the DOT, after serving for many years on the House Transportation and Infrastructure Committee and, after that, on the House Appropriations Committee.,Mr. LaHood has indicated that he will be leading a series of meetings throughout the country to assist in getting feedback on what is needed for the new highway bill. Anna Ferro now leads the FMCSA and has set forth her own agenda for the coming decade, with a primary focus on safer operations of the trucks on the road. The economic stimulus package moved monies into the country’s infrastructure. The American Recovery and Reinvestment Act included a decidedly ambitious undertaking to improve infrastructure, approving funding for over 11,300 projects which is anticipated to create tens of thousands of jobs.
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