Insurance Requirements for Owner Operators Collierville, Tennessee
JDW Truckers Insurance can answer your questions regarding Insurance Requirements for Owner Operators Collierville, Tennessee. We work with the top commercial truck insurance companies and will help you find affordable owner operators truck insurance.
We have a large network of commercial truck insurance companies Collierville, Tennessee with high AM Best Rating so when JDW Truckers Insurance helps you get your owner operators truck insurance in Collierville, Tennessee in place you will be insured by a financially stable commercial truck insurance company. This is important for many reasons. Contact JDW Truckers Insurance and our agents will review the reasons owner operators should choose their insurance company wisely. Not all owner operator truck insurance policy are created equally.
We will help you customize your owner operators trucking insurance policy to suit your needs and fit your budget.
From one application we can shop & compare commercial truck insurance rates for the top-rated commercial truck insurance companies for you. We will help you find the required commercial truck insurance coverages at affordable rates.
Here are some of the top 10 commercial truck insurance companies which offer commercial truck insurance quotes.
We know trucking and the commercial trucking insurance requirements
- Knight
- Trisura
- Berkley Prime
- Falls Lake
- Progressive
- Travelers
- Seneca
- Great Lakes
- Allied World
- Allianz
- Ace Hazmat
- ACE Fleet
- United Specialty
- Hudson Fleet
- Markel
- Chubb
- Tokio Marine
- National General
- Lexington
- AIG
- Great American
- ACE / Westchester
- NICO
- National Casualty / Nationwide
- Scottsdale Brokerage
- IAT
- Crum Forster
- Canal
- Northland
- USLI
- James River
- IFG – Burlington
- Penn-America
- Century
- Hallmark
- Carolina Casualty
- Protective
Auto Liability Insurance
- Your auto liability or primary liability will be the major cost for your trucking insurance policy. Although the FMCAS can only require $750,000 in most cases shippers will require $1,000,000 in primary liability insurance coverage before they will allow you to pick up loads.
- Primary liability insurance covers damages to third parties for bodily injury and physical damage to others property in the event of an accident.
Medical Pay
- In most cases this is a low cost add on to your primary liability insurance to cover medical expenses.
PIP – Personal Injury Protection
- Some states require this coverage and, in many cases, can reduce the need for Medical Pay.
- Personal injury protection (PIP), also known as no-fault insurance, covers medical expenses and lost wages of you and your passengers if you’re injured in an accident. PIP coverage protects you regardless of who is at fault.
Uninsured Motorist
- If you’re hit by a driver with no insurance…
- Uninsured motorist bodily injury (UMBI) may pay medical bills for both you and your passengers.
- Uninsured motorist property damage (UMPD) may pay for damage to your vehicle.
Underinsured Motorist
- If you’re hit by a driver with not enough insurance…
- Underinsured motorist bodily injury (UIMBI) may pay medical bills for both you and your passengers
- Underinsured motorist property damage (UIMPD) may pay for damage to your vehicle
Motor Truck Cargo
- MTC or Cargo insurance provides insurance on the freight or commodity hauled by a for-hire trucker. It covers your liability for cargo that is lost or damaged due to causes like fire, collision or striking of a load.
- If your load is accidentally dumped on a roadway or waterway, some cargo forms offer Removal Expenses coverage pays for removing debris or extracting pollutants caused by the debris. And can also pay for costs related to preventing further loss to damaged cargo through Sue and Labor Coverage and legal expenses in the defense or settlement of claims. Another option is Earned Freight Coverage to cover freight charges the customer loses because of an undelivered load.
- Cargo insurance deductibles can be set at $1,000, $2,500, $5,000 or even higher if you are self-insured.
- Cargo coverage limits are normally set at $100,00 but some shippers may have higher requirements depending on the cargo you are hauling.
- Cargo policies can have exclusions stating what cargo it will or will not cover.
Trucking Physical Damage Insurance (PD)
- Physical damage insurance coverages are designed to pay for losses to your equipment and damages to others equipment. (Others equipment must be listed on your policy).
- If you own or lease equipment. You may be required to have PD by bank or leasing company to carry a set amount of physical damage insurance and name them as a Loss Payee.
- PD can also cover damage to others equipment you are in possession of if the coverage is listed on your policy. An example would be non-owned trailer insurance coverage.
- Deductibles for physical damage range from $1,000 to $5,000.
- Required deductibles. If you have a loan on your equipment or it is leased. They bank or leasing company may have a minimum deductible you can have on your physical damage policy.
Excess Liability Insurance
- Excess liability can sometimes be called umbrella insurance.
- The excess liability policy sits on top of your primary liability policy.
- For example, if you have $1,000,000 in primary lability coverage and you have a claim which exceeds the policy limit of $1,000,000. In most cases that is all the insurance carriers will try to pay out for a claim.
- Excess policy coverage starts at $1,000,000 and go up.
- So, let’s say you say you purchased a $1,000,000 excess policy. Now if you have a claim that is $1,500,000. Your primary would pay the first $1,000,000 and your excess would pay the remaining.
General Liability Insurance for Truckers
- General liability insurance for truckers should not be confused with primary liability for truckers.
- Similar to primary liability. General liability offers coverages to pay for physical damage to other and/or bodily injury to others. BUT there is a difference between the two.
- For example, if you are loading or unloading and you cause injury to someone or their property this is when the general liability policy would respond.
- The actions of a driver while representing the insured and on the premises of others, such as loading docks and truck stops
- General Liability is normally offered $1,000,00 per occurrence and $2,000,00 aggregate. What does this mean?
- It the insurance company will pay up to $1,000,000 for any one claim and no more than $2,000,000 per year for the total of all claims.
- General liability can be required by shippers and other companies such as the UIIA and flatbed operations.
- If there is any chance you might be involved in loading or unloading. General Liability is relatively inexpensive and is an advised coverage.
Non-Owned Trailer Insurance vs Trailer Interchange (TI)
- Both are insurance coverages are designed to cover damage to others trailers.
- Deductibles for either can range from $1,000 to $5,000.
- Coverage limits for either can range from $25,000 and up depending on the requirements of the company and/or shipper freight you are hauling for.
The difference between Non-Owned Trailer coverage and Trail Interchange coverage
- Non-owned trailer insurance covers physical damage to the trailer only when attached to a truck. And no written agreement is place.
- Trailer Interchange requires a written trailer interchange agreement to be in place. It can provide protection when you have care, custody and control of one, or many, trailers. Whether the trailer is attached to your truck or not.
Collierville is a town in Shelby County, Tennessee, United States, and a suburb located in the Memphis metropolitan area. With a population of 51,324 in the 2020 census, Collierville is the third largest municipality in the county after Memphis and Bartlett. It is home to the Carriage Crossing shopping mall and is served by Collierville Schools.
Founded by entrepreneur Jesse R. Collier in 1836, Collierville was the site of the First and Second Battles of Collierville during the American Civil War, during which the town suffered severe damage. After a period of regrowth, Collierville saw substantial economic expansion in the twentieth and twenty-first centuries and now boasts a high quality of life. Collierville’s downtown area is listed on the National Register of Historic Places, and in 2014 Collierville’s historic town square was ranked by Parade as the “Best Main Street” in America.
Collierville is the second oldest town in Shelby County. The original town of Collierville was laid out in 1836 and named after entrepreneur Jesse R. Collier, who bought land and advertised it as “The Town of Collier”; the town was incorporated in 1850 under the mayorship of Richard Ramsey.
During the American Civil War, two battles were fought at Collierville in late 1863. During the First Battle of Collierville on 11 October 1863, Confederate Brigadier General James Chalmers’s division of 3,000 men attacked the garrison established at Collierville to protect the Memphis and Charleston Railroad; the garrison was defended by Maj. Gen. William T. Sherman and the Confederates were repulsed. During the Second Battle of Collierville on 3 November, Chalmers was again repulsed, this time by Colonel Edward Hatch; Chalmers then withdrew to Mississippi. The railroad remained open to Tuscumbia, Alabama for United States troop movements. The estimated casualties were sixty on the side of the Union and ninety-five on the side of the Confederacy. Because of William T. Sherman’s participation in the first engagement, his monument in Washington, D.C. lists “Colliersville” as one of his battles. Union commanders referred to it as “Colliersville” in the official reports.
The town sustained severe damage during the First Battle of Collierville and most of the town was completely burned down. Collierville was re-incorporated in 1870 under the mayorship of James B. Abington and during the twentieth century grew with help from the cotton, dairy, and manufacturing industries.
On September 23, 2021, thirteen people were shot and two killed including the gunman in a mass shooting at a local Kroger store. Collierville Police Chief Dale Lane labeled it “the most horrific event that’s occurred in Collierville history.”
Collierville is located at 35°3′16″N 89°40′56″W / 35.05444°N 89.68222°W (35.054366, -89.682306). According to the United States Census Bureau, the town has a total area of 24.6 square miles (64 km), of which 24.5 square miles (63 km) is land and 0.1 square miles (0.26 km), or 0.41%, is water.
Collierville has a humid subtropical climate, with four distinct seasons. The summer months (late May to late September) are persistently hot (between 68 °F (20 °C) and 95 °F (35 °C)) and humid due to moisture encroaching from the Gulf of Mexico. Afternoon thunderstorms are frequent during some summers, but usually brief, lasting no longer than an hour. Early Autumn is pleasantly drier and mild, but can remain hot until late October.
Abrupt but short-lived cold snaps are common. Late Autumn is rainy and colder, with December being the third rainiest month of the year. Fall foliage becomes especially vibrant after the first frost, typically November, and lasts until early December. Winters are mild, but cold snaps can occur. The official all-time record low temperature was -13.0 °F (-25.0 °C), which occurred on December 24, 1963. Mild spells are sometimes warm with temperatures as high as 75 °F (23 °C) during January and February. Snowfall is not abundant but does occur during most winters, with an annual average of 5.7 inches (14.4 cm) at the airport.
Spring often begins in late February or early March, following the onset of a sharp warmup. This season is also known as “severe weather season” due to the higher frequency of tornadoes, hail, and thunderstorms producing winds greater than 58 mph (93 km/h). Collierville is above the Tennessee state average for Tornado activity, and 188% of the average for the US. Historically, April is the month with the highest frequency of tornadoes, though tornadoes have occurred every month of the year.
Collierville is sunny approximately 64% of the time. Average rainfall is slightly higher during the spring months than the rest of the year, but not to any noticeable extent. Collierville receives around 55 inches of rainfall every year.
As of the 2020 United States census, there were 51,324 people, 17,204 households, and 14,078 families residing in the town.
According to the Census Bureau’s population estimates, there were 50,086 people residing in Collierville in 2019, up from 31,872 people in 2000. The racial makeup of the town was 72.7% White, 13.7% Black or African American, 0.4% Native American, and 9.3% Asian, with small amounts of Pacific Islander, other races, and people from two or more races. Hispanic or Latino of any race were 2.3% of the population.
There were 17,204 occupied housing units in 2019, out of which 40.1% had children under the age of 18 living with them, 71.9% were married couples living together, 6.6% had a female householder with no husband present, and 18.2% were non-families. 16.2% of all households were made up of individuals living alone, and 5.9% had someone living alone who was 65 years of age or older. The average household size was 2.91 and the average family size was 3.27.
In the town, the population was spread out, with 26.0% under the age of 18, 4.8% from 20 to 24, 24.1% from 25 to 44, 29.4% from 45 to 64, and 13.7% who were 65 years of age or older. The median age was 40.2 years. For every 100 females, there were 90.4 males. For every 100 females age 18 and over, there were 91.7 males.
Collierville is part of the Memphis, TN-MS-AR metropolitan area. As such, the town’s economy is highly interconnected with the greater Memphis region. Notable employers include regional leaders like FedEx, while local manufacturing facilities, such as Carrier, bring workers to the town. Approximately 67.2% of the town’s population is in the civilian labor force (i.e., the share of the town’s population over the age of 16 that is employed or unemployed but searching for employment), and about 3.9% of the town’s population lived below the poverty line in 2019.
In 2019, approximately 56.6% of the town’s population earned more than $100,000, with 23.9% earning between $100,000 and $149,999, 14.1% earning between $150,000 and $199,999, and 18.2% earning above $200,000.
The average value of housing in Collierville, TN in 2017 was estimated to be $286,700, whereas market listings in 2021 estimate a value of approximately $433,000 following a steep increase in housing prices.
Of residents 25 years of age and older, 96% have a high school diploma or higher, 51.8% have a bachelor’s degree or higher, and 18.2% have a graduate or professional degree. Of current students, 95.6% attend public schools and 4.4% attend private schools. Public schools have been under the jurisdiction of Collierville Schools since 2014, before which Collierville was served by Shelby County Schools until an August 2012 vote that passed with 10,615 (87%) votes to 1,519 (13%) laid the foundation for an independent district. Private schools include St. George’s Independent School, the Goddard School, Central Learning Center, Collierville Methodist Preschool, and Incarnation Catholic School. In higher education, the University of Memphis formerly had a Collierville branch located on Poplar Avenue.
Collierville’s downtown area and town square have been on the National Register of Historic Places since 1990, and the Morton Museum of Collierville maintains a collection of the town’s history. The Fair on the Square and the annual Symphony in the Rose Garden both take place every May in Collierville—the Fair has taken place every year since 1976. The Collierville Farmers Market has assembled in the parking lot of Collierville United Methodist Church since 2009.
The Collierville Burch Library—officially the Lucius E. and Elsie C. Burch, Jr. Library—is the town’s municipal library. Collierville’s first library opened in 1956 with three thousand books, but despite expansions, the facility could not keep pace with its growing book collection. The current library campus, adjacent to the town hall, opened in March 2001. The Harrell Theatre—under the authority of the Collierville Arts Council, founded in 1987—is the local center for performing arts.