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Financial & Insurance Insights
Mike Dorfman’s Career Shift Mike Dorfman, part of the fourth generation in his family’s trucking insurance business, faced pressure when he announced his departure to cofound Koffie, a startup in the same industry. “My great-grandfather established a trucking-insurance agency in New York in 1921,” h
New FMCSA Rule Enhances Financial Responsibilities for Freight Brokers The Federal Motor Carrier Safety Administration (FMCSA) has implemented a new rule aimed at strengthening financial responsibility requirements to combat dishonest freight brokers. On November 16, 2023, the FMCSA released the “Br
According to an analysis by McKinsey, the rollout of autonomous vehicles (AVs), which promise to lower shipping costs and mitigate driver shortages, is likely to be postponed by another year. Major original equipment manufacturers (OEMs) remain committed to autonomous trucking and are investing in t
Maintaining strong customer retention is crucial for success across all industries. Business leaders continually strive to enhance their retention strategies to stay competitive. Customer retention rates vary significantly across different sectors. A high retention rate in one industry may raise con
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Fleetwood Transportation Ceases Operations Due to Rising Insurance Costs Fleetwood Transportation, a flatbed and oilfield truckload carrier based in Texas, completed its last deliveries on Tuesday, deciding to shut down its operations due to escalating insurance costs. Company Background According t
Daimler Trucks North America Invests in Trucking Insurance Startup Daimler Trucks North America (DTNA) is making a strategic investment in High Definition Vehicle Insurance (HDVI) Group, a startup specializing in commercial auto insurance for the trucking industry. The company’s innovative methods,
The military’s pet transportation allowance went into effect on January 1, 2024. Initially approved in 2022 as part of the 2023 National Defense Authorization Act, the Defense Department postponed its implementation until this year due to budget limitations. However, the program has now launched! So
Ontario Tow Truck Operators Call for Insurance Premium Reductions Tow truck operators in Ontario are advocating for lower monthly commercial auto insurance premiums due to a significant decrease in road traffic caused by the COVID-19 pandemic, resulting in drivers being less active. Recently, major
