Another One Bites The Dust: Trucking Companies In Demise
2019 was a bad year for trucking company closures. The affordability of insurance is sharing the blame but other factors need to also be considered.
January 13, 2020 at 05:46 AM
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For the past several years, the market for truckers insurance could be said to be “hard” overall, characterized by increased premiums and a lack of insurers willing to assume the risk. While this may not be the case for companies with excellent safety records and no losses, those companies that have questionable safety records and/or crash losses are struggling to obtain affordable insurance. Last week saw yet another trucking company ceased operations, joining a group of hundreds of trucking companies that have shuttered operations in 2019.
On December 31, 2019, Fleetwood Transportation Services joined the rapidly growing list of transport carriers shuttering operations in 2019, citing insuring costs as the reason for its shutdown. Other companies in demise include Celadon, Falcon Transport, LME, NEMF, Williams Trucking, A.L.A., Starlite Trucking, Terrill Transportation, and Carney Trucking, just to name a few.
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