Underwriters Are Leaving the Truck Liability Market as Rates Continue to Rise
Like many small trucking companies, Gasel Transportation Lines has faced many tough issues lately. The Marietta, Ohio, truckload carrier, which generated $12.5 million in revenue last year, attempted to offset higher fuel costs by raising rates and buying new, more fuel-efficient tractors.
For the full story, see the April 30 print edition of Transport Topics. Subscribe today.
To address a shortage of drivers and reduce turnover, a new pay package was introduced to attract more experienced drivers.
And the company took steps to offset a downturn in freight by stepping up efforts to acquire companies with complementary traffic lanes and to expand its customer base.
On top of all of this, the company faced the task of renewing its liability insurance policies at a time when many insurers were cutting back coverage of trucking risks and raising rates.
