As a trucker, insurance coverage is a necessity. Every day you take a variety of risks to transport goods from location to location. However, when it comes to insurance costs, how can you find affordable coverage that matches your needs? When it comes to truck insurance, the insurers have to look at a variety of risk factors. One way for insurance companies to decide is through the use of the Central Analysis Bureau or CAB reports.
What Does the Central Analysis Bureau Report?
The CAB reports risk information in underwriting. For example, it may report that an insured or applicant has the same email address with multiple carriers. This isn’t always a bad thing, however. Sometimes, it just means that smaller operations share a dispatch office. CAB looks to make sure that the ownership is separate with no shared drivers.
Where Does the Data Come From?
The CAB receives its data from various government and proprietary data sources. Then, the computer analyzes the results and produces summaries, charts and alerts. The data may include DOT safety rating, inadequate insurance, severe violations and hazardous materials inspections.
In the trucking industry, you cannot go without insurance. It is important to know what insurers look at when determining your coverage options to protect your operation.