Carrier Insurance verification

[TRKINSURE]

I don't understand how brokers get a COI and expect that if it's filled out that they're covered. Just because a carrier can find a broker to give them a COI doesn't mean that that it covers what you are intending to broker out. If this carrier only has one straight truck running in Canada it doesn't mean your covered for a tractor trailer. The number of fraudulent insurance brokers are increasing in numbers - probably with kickbacks from the carriers they insure. The number of fraudulent COI's out there is alarming.
You need to educate yourself on the different types of policies, the kinds of exceptions and familiarize yourself with the insurance companies that offer which types of insurance. You should also look up the insurance company's financial ratings-the lower the rating the more likely you'll have an issue with a claim. If you're a freight broker and have contingent insurance, reach out to your broker and have them explain what is on the COI and what to look for. Or reach out to @TRKINSURE to come for a day to review your COI list.

A carrier with a CFA policy may not have cargo insurance. The CFA policy only covers liability, and the carrier has to add on a policy for cargo and other coverages as needed.
This is just another example of how our industry is broken. I have to compete with carriers who may not even have cargo insurance and the person hiring them doesn't know the difference.

Thanks for the shoutout. Happy to help those who need my insurance advice. I know a lot about a little, this is one of those things!

 

[thebluffs1]

i wanna know more about why mango is a red flag

 

[Global416]

i wanna know more about why mango is a red flag

Mango is helping carriers move operations from Ontario (Brampton) to Alberta so they can take advantage of cheaper rates and relaxed onboarding of new drivers.
They are also helping carriers that insure with them "save money" by not insuring all their trucks at the same time and then adjusting coverage once an issue comes up.

They are as shady as they come.... well them and Armour.

 

[Rob]

Mango is helping carriers move operations from Ontario (Brampton) to Alberta so they can take advantage of cheaper rates and relaxed onboarding of new drivers.
They are also helping carriers that insure with them "save money" by not insuring all their trucks at the same time and then adjusting coverage once an issue comes up.

They are as shady as they come.... well them and Armour.

Say it is not so. There is no way a carrier with the esteem Brampton has would be skirting rules in the manner you speak of. They are all above board honest hard working carriers and if you do not believe me as I am full of shit ask their association as they will tell you... And again if a scam can be pulled Brampton is all over it...

 

[Jim L]

Mango is helping carriers move operations from Ontario (Brampton) to Alberta so they can take advantage of cheaper rates and relaxed onboarding of new drivers.
They are also helping carriers that insure with them "save money" by not insuring all their trucks at the same time and then adjusting coverage once an issue comes up.

They are as shady as they come.... well them and Armour.

There you go brokers, carriers whose insurance agents are Mango and Armour are risky bets. If you have a carrier willing to cohort with a broker to 'adjust coverage once an issue comes up' then they are also willing to do a lot more than that when other stuff hits the fan.

 

[dencikcol]

We are calling the insurance company at their official phone number to verify whether the customer exists in their system. It helps.

 

[Michael Ludwig]

carriers whose insurance agents are Mango and Armour are risky bets.

So that begs the question of why do the insurance companies keep them on as insurance brokers?

 

[Jim L]

So that begs the question of why do the insurance companies keep them on as insurance brokers?

Because they bring a big book of business with them and the insurance company overlooks the reports of impropriety in the name of the bottom line. So long as they bring in more money than goes out then it gets overlooked - for now.

 

[Ins-Broker]

Because they bring a big book of business with them and the insurance company overlooks the reports of impropriety in the name of the bottom line. So long as they bring in more money than goes out then it gets overlooked - for now.

Honestly a few million in premium is nothing in the grand scheme of things.