help me with my project.. kinda - PeachParts Mercedes-Benz Forum

TheDon · #1 11-27-2006, 04:39 PM

ok here is what im doing..

its a project for my economics class.. what i have to do is start a business and i decided to start a trade show shipping company. since i work for one already.

ive got the machinery costs down.. waiting on stuff about fuel cards and a forklift

but where do i look for insurance for my 5 day cab trucks, 4 long trucks, and 2 sprinters. plus 13 trailers.

ill have more questions once i get into the permits and licensing for the business.. crap and i need costs..glad my neighbor is my boss

Diesel4me · #2 11-27-2006, 05:02 PM

you can call Securance. Three of the trucking companies i have worked for got their insurance through Securance. 713-977-6606.

John Doe · #3 11-27-2006, 05:11 PM

Ask Camille!!

Yeah, call insurance company and get quotes, however, they may be reluctant to give you a 'real' quote for fear they might bind coverage over the phone. You may ought to tell them you are looking for ballpark coverage for a .......high school project so they don't get nervous.

Fuelman is the way to go for fuel debit cards.

TX76513 · #4 11-27-2006, 05:11 PM

Let’s assume this company has been in business for more than 1 year and is located in Monroe County, FL. All drivers hold CDL and none have any serious violations or convictions

You are insuring: 5 day cab trucks, 4 long trucks, and 2 sprinters. plus 13 trailers

4 Long Trucks are 4 class 6 three axle tractors I assume?
I assume you will run about 960,000 miles per year combined – about normal for a private carrier
You are going to also save money and not insure the trailers.
You are also going to have a SIR of $100,000 which you will secure with a LOC (letter of credit)
You need to budget about .134 cents per mile for insurance AL, PD for all the vehicles Mileage will be computed off your IFTA reports.

OK – need some workers comp? What’s your MOD rate for last year?

John Doe · #5 11-27-2006, 05:16 PM

Quote:

Originally Posted by TX76513

You are going to also save money and not insure the trailers.

Easy to only carry bobtail insurance when its just for fun, eh?

Very good post.

TX76513 · #6 11-27-2006, 05:17 PM

Quote:

Originally Posted by John Doe

Easy to only carry bobtail insurance when its just for fun, eh?

Very good post.

If he has contractors yeah $65 month/unit. Company trucks no sense the AL/PD is going to cover it anyways.

John Doe · #7 11-27-2006, 05:25 PM

Quote:

Originally Posted by TX76513

If he has contractors yeah $65 month/unit. Company trucks no sense the AL/PD is going to cover it anyways.

You would be suprised how agents will sometimes misrepresent what bobtail coverage will get ya despite knowing full well who your contractor is and what you will be hauling--or maybe you wouldn't

Either way, there is some new language in American General's policies and employee training handbook regarding the matter now and a few paid off notes

TheDon · #8 11-27-2006, 05:33 PM

Quote:

Originally Posted by TX76513

Let’s assume this company has been in business for more than 1 year and is located in Monroe County, FL. All drivers hold CDL and none have any serious violations or convictions

You are insuring: 5 day cab trucks, 4 long trucks, and 2 sprinters. plus 13 trailers

4 Long Trucks are 4 class 6 three axle tractors I assume?
I assume you will run about 960,000 miles per year combined – about normal for a private carrier
You are going to also save money and not insure the trailers.
You are also going to have a SIR of $100,000 which you will secure with a LOC (letter of credit)
You need to budget about .134 cents per mile for insurance AL, PD for all the vehicles Mileage will be computed off your IFTA reports.

OK – need some workers comp? What’s your MOD rate for last year?

so thats what i tell the insurance people... ive been getting alot of ballparking.. which is ok according to my teacher...
i would rent the trailers but ryder was being a pita and wouldnt let me in on the info.. so i "bought" trailers..

TX76513 · #9 11-27-2006, 05:33 PM

Quote:

Originally Posted by John Doe

You would be suprised how agents will sometimes misrepresent what bobtail coverage will get ya despite knowing full well who your contractor is and what you will be hauling--or maybe you wouldn't

Either way, there is some new language in American General's policies and employee training handbook regarding the matter now and a few paid off notes

I know there are some cases on the books where those agents had their Errors & Omissions Liability Insurance tapped

TX76513 · #10 11-27-2006, 05:36 PM

Quote:

Originally Posted by TheDon

so thats what i tell the insurance people... ive been getting alot of ballparking.. which is ok according to my teacher...
i would rent the trailers but ryder was being a pita and wouldnt let me in on the info.. so i "bought" trailers..

There is your insurance rate.
53x102 Dry Van Trailer will run you 611.38 month dry (you do the maintenance) http://www.xtralease.com/
Maintenance on the trailers will run you .003 (general) .015 (tires) a mile.

TheDon · #11 11-27-2006, 05:54 PM

so i pay per mile for insurance?

if i rent trailers.. just 10 im looking at 73k a year... buying 10 will be around 96.5k for 10.. i think ill just buy them...

their is no limit for money.. the idea is to make sure i have everything covered.. from the 2 cases of paper clips to the trucks...

so im doing getting all of the supplies and machinery out of the way in the next 2 days.. then ill get the warehouse and permits

and make business cards, flyers, and some other form of advert.. plus the application and the company rules and such

TX76513 · #12 11-28-2006, 10:03 AM

Quote:

Originally Posted by TheDon

so i pay per mile for insurance?

if...

their is no limit for money.. the idea is to make sure i have everything covered..

Some other items to consider:
Operating Authority
Prorate (tags, permits, IFTA)
D & O Insurance
Worker's Compensation
Benefits - Medical, Dental, etc
Fuel Program

TheDon · #13 11-28-2006, 10:08 AM

ive got the fuel card deal down

teacher said not to worry about workers comp and health care since its waaay involved

i have no idea where to look or what to search for a business license for a shipping company/courier...and permits for such a company.. i can call my local govt and or ask my boss...

TheDon · #14 12-03-2006, 11:16 AM

Quote:

Originally Posted by TX76513

Let’s assume this company has been in business for more than 1 year and is located in Monroe County, FL. All drivers hold CDL and none have any serious violations or convictions

You are insuring: 5 day cab trucks, 4 long trucks, and 2 sprinters. plus 13 trailers

4 Long Trucks are 4 class 6 three axle tractors I assume?
I assume you will run about 960,000 miles per year combined – about normal for a private carrier
You are going to also save money and not insure the trailers.
You are also going to have a SIR of $100,000 which you will secure with a LOC (letter of credit)
You need to budget about .134 cents per mile for insurance AL, PD for all the vehicles Mileage will be computed off your IFTA reports.

OK – need some workers comp? What’s your MOD rate for last year?

hey TX... i still dont really understand all of this...

so its going to be .134 cents a mile for insurance? this done on a monthly basis?

if you could ballpark an insurance amount for a month it would be great.. and a company name too... they arent being of much help to me

just-n-time · #15 12-05-2006, 02:44 PM

[QUOTE=John Doe;1341441]Easy to only carry bobtail insurance when its just for fun, eh?

YES just look at that million dollar coverage