What is a Motor Vehicle Record (MVR) report and why did my insurance company request one?
A Motor Vehicle Record (MVR) is a report of your driving history, as reported from your state Department of Motor Vehicles. Information on this report may include Drivers License information, point history, violations, convictions, and license status on your driving record. Some states include other information, such as Name, Date of Birth, Height, and Weight.
Most states report driving records for the past three years, although some states may report five or more years of history.
Some insurance companies consider the information in MVR reports, along with other factors, when determining insurance eligibility and insurance premiums.
Back to TopWhat is C.L.U.E.?C.L.U.E., the Comprehensive Loss Underwriting Exchange, is a loss history information exchange developed by LexisNexis Risk Solutions. It enables insurance companies to access and use prior loss information in the underwriting process. Each month, participating insurers submit loss information to the C.L.U.E. information exchange, which is loaded to the C.L.U.E. database. Subsequently, insurance companies request this data by forwarding search criteria such as an insurance applicant's name, address, date of birth, and social security number. The C.L.U.E. system searches its database for information that matches the requested search criteria. A C.L.U.E. report is then generated and forwarded to the insurer. When you or your insurance company receive a C.L.U.E. report, it includes all losses found by matching the search criteria to loss information reported to us within the past seven years from the date of the request.Back to TopWhat is a USDOT Number?
A USDOT number is an identifier that is unique to your company. It allows quick access to your company’s safety information. This information is gathered during accident investigations, inspections, audits and compliance reviews.
Commercial vehicles used by your company to transport passengers or haul cargo in interstate commerce, must have the company’s USDOT number displayed on every commercial company vehicle. Companies that transport hazardous materials within the state in amounts that require safety permits must also display the company’s USDOT number on the vehicles used for transport.Back to TopDo I Need a USDOT Number?
These guidelines will help you determine if your company needs a USDOT number. You need a USDOT number if your vehicle is involved in interstate commerce (trade or transportation in the United States) and also meets one or more of the following qualifications:
Back to TopWhat is Operating Authority (MC number)
- Your vehicle has a gross vehicle weight rating of 10,001 pounds or more. The measurement includes gross vehicle weight rating, gross combination weight rating, gross vehicle weight, or gross combination weight, whichever is greatest.
- Your vehicle is designed to carry 8 passengers for payment (this number includes the driver).
- Your vehicle is used to carry more than 15 passengers (including the driver), but is not used to carry passengers for payment.
- Your vehicle is used to transport materials deemed by the Secretary of Transportation to be hazardous, and in a quantity that requires a safety permit.
An MC Number stands for a Motor Carrier number. It is a number that allows carriers to cross State lines and it also allows the government to track freight brokers through their system. The docket number is assigned to motor carriers engaging in interstate or foreign operations. It consists of the prefix and the numbers that are issued sequentially as carriers are registered in the system.
The docket number is found in the Licensing and Insurance (L&I) database of the Federal Motor Carrier Safety Administration (FMCSA). Most numbers are prefixed by “MC”, which stands for ‘motor carrier.’ Other prefixes are “MX” for a motor carrier that is owned or controlled by a citizen of Mexico or a person domiciled in Mexico, and “FF”, for a freight forwarder.Back to TopWho Does Not Need Authority (MC Number) ?
All of this also dictates the level of insurance/financial responsibilities a company must maintain. Carriers not required to have operating authority include:
Back to TopWhat is the International Fuel Tax Agreement (IFTA) ?International Fuel Tax Agreement is an agreement between jurisdictions in the U.S. and Canada to collect fuel use taxes. IFTA jurisdictions include 48 states and 10 Canadian provinces.Back to TopWho needs to apply for an IFTA License?
- Private carriers (carriers that transport their own cargo)
- “For-hire" carriers that exclusively haul exempt commodities (cargo that is not federally regulated)
- Carriers that operate exclusively within a federally designated "commercial zone" that is exempt from interstate authority rules. A commercial zone is, for example, a geographic territory that includes multiple states bordering on a major metropolitan city, such as Virginia/Maryland/Washington, DC
You need an IFTA license if you
- Operate your commercial vehicles in more than one jurisdiction
- Have 2 axles and a GVW of more than 26,000 pounds
- Have 3 or more axles regardless of weight
How to apply:
To apply for your IFTA license and get your IFTA stickers you must fill out an application from your home state/province. Your IFTA stickers will come in the mail after your IFTA application has been processed. While you are waiting for your IFTA stickers you can have a temporary IFTA license faxed to you that you can carry in your truck until they come.Back to TopWhat Are Loss Runs?
Loss runs are essentially a Report of your insurance claim history throughout the duration of your policy. Insurance companies keep track of them so they can see at a glance how many claims each of their clients has made and how each of those claims has turned out.
Often, when business owners apply for new insurance, their agent will ask for loss runs on their existing or former policies. Viewing loss runs is, for the insurance industry, similar to the banking industry’s practice of viewing the credit report of a potential borrower: by seeing your insurance past, insurers can get an idea of what kind of insurance risk you will be in the future.Back to TopWhat Information Is Included in Loss Runs?
A typical loss run details the ways you’ve used your insurance coverage since initiating your policy, including information such as…
Back to TopWhat is Certificate of Liability Insurance?A certificate of liability insurance is a single Formr that summarizes the benefits of an insured party's insurance policy. In short, it is proof of your insurance coverage and limit of your policy. Part of its value is that it contains extensive details about an insurance policy on a single sheet of paper. Typically, the certificate includes the insured party's name, the insurance company's name, policy numbers and types, insurance limits, effective dates, expiration dates, coverage specifics, and insurance limits.Back to TopWhy would I need a certificate of liability insurance?If a client asks for proof of insurance before agreeing to sign a contract with your company, you would need to show your certificate of liability insurance. Because it contains all of the important details of the insurance policy on one sheet of paper, it is much easier to share with clients than an entire policy.Back to TopAdditionally insured? An additional insured is a person or organization that enjoys the benefits of being insured under an insurance policy, in addition to whoever originally purchased the insurance policy. Back to TopWhat Kind of Insurance Do I Need to Purchase for My Business?
- Your name.
- The dates of any losses you claim, and dates on which you submitted any claims.
- Details about the loss incident (e.g., a fire that damaged your office).
- The total amount of benefits paid to you to date.
- The amount of reserve funds set aside for your account.
- The status of your claim: open or closed.
Depending on the individual risk characteristics of your business, your agent should present you with different coverage options for purchasing commercial insurance.
An agent’s proposal is just that, a proposal. When all is said and done it is your responsibility to make an informed decision and choose the insurance that best fits your business plan.
The relationship that you build with an agent is extremely valuable in this critical decision making process. An experienced agent has dealt with hundreds of businesses similar to yours.
Since business insurance can be complicated, you should feel free to discuss any terms, conditions, or concepts that are unclear to you with your agent.
It is part of an agent’s service to answer your questions and help you understand the insurance you are purchasing.
While your business may not need all commercial coverage lines, it is a good idea to have a basic knowledge of the types of insurance coverage available. As your business changes and expands you will have the necessary knowledge to purchase insurance coverage as new exposures arise.
The following commercial lines of insurance cover broad areas of exposure common to most business operations:
• Commercial Property
• Inland Marine
• Boiler and Machinery
Casualty InsuranceBack to TopAs a new small business venture, do I have to register with the Florida state in any way?
• Commercial Automobile
• Commercial General Liability
• Commercial Umbrella
• Workers Compensation
A person conducting business in Florida under any name other than his/her own legal name must register. For example, John W. Smith doing business as “John W. Smith” does not have to. However, if he conducts business as “John W Corporation,” he does have to register, as “Enterprises” is not part of his legal name.
More information: https://dos.myflorida.com/sunbiz/start-business/know-before-starting/Back to TopI use my personal vehicle in my business. Am I covered if an accident happens?
Most Private passenger automobile policies will have an exclusion for business use of the vehicle.
Typically there would be no coverage for an accident if it occurred while being used for business.
Some Insurance companies do, for an additional premium, have endorsements for some low-risk types of businesses - i.e., real estate agents, Tupperware sales, or insurance agents.
Discuss with your insurance agent how your insurance company treats this situation as companies may differ in their interpretation of what constitutes business use. In those situations where the private passenger automobile policy does not provide coverage, you will need to consider a commercial auto policy.Back to Top