In most cases an underwriter has an opportunity to review an account at the initial application and then annually at renewal. During the course of the policy period the underwriter is in the dark as to significant changes in the motor carrier’s safety performance or operation, unless, of course, a claim comes in. By that point it of often too late for the underwriter to take action.
To keep you in the know throughout the year, CAB’s Safety Monitoring program provides insurance companies with real-time alerts on the carrier’s safety status, and identifies the specific problems that must be proactively addressed by underwriting.
Baseline Reports
At any point during a company’s subscription, a Baseline report can be obtained which summarizes and itemizes all safety alerts currently flagged on the company’s insureds. Alerts include:
- Carriers with Unsatisfactory or Conditional DOT safety ratings
- Carriers with an Out-of-Service percentage that is higher than the US DOT’s specified national average
- Carriers with Hazmat inspections and/or violations
- Carriers with inadequate insurance for the commodities hauled
- Carriers with an excessive accident to power unit ratio
- Carriers with both carrier and broker (Dual) authority
The Baseline report is provided in a category breakdown in PDF format as well as in a customizable Excel spreadsheet for advanced manipulation and analysis.
Weekly Update Reports
In addition to the baseline reports, weekly update reports are provided that warn of any significant changes in any of the alert categories noted above. Whether a carrier’s safety rating has been upgraded or downgraded or new hazmat or other safety violations have been recorded over the past week, the CAB Safety Update Report will notify the insurer of the problem. This arms you with the information necessary to make informed decisions and take pro-active steps to reduce your risk.
Besides the alert categories noted above, the weekly update report also identifies any changes to a carrier’s legal name, d/b/a name, physical address, or mailing address.
Like the Baseline reports, a PDF and customizable Excel spreadsheet are included in the weekly report distribution.
Automatic Policy Synchronization
Because CAB’s system is synchronized with the Federal Motor Carrier Safety Administration’s Licensing & Insurance database of in-force insurance policies on a daily basis, there is no need for you to apprise CAB of new or cancelled policies if you have made or cancelled a filing. The CAB reporting system will automatically check for any new policies as well as remove any canceled policies from the list of carriers monitored on your behalf.
