Trucking news and briefs for Monday, Jan. 15, 2024:
Bill intro’d, again, to hike trucking insurance minimums
In what has become something of a ritual in Congress, a bill has been introduced that would, if passed and signed into law, increase the minimum liability insurance requirements for interstate motor carriers from $750,000 to $5 million.
Reps. Jesus “Chuy” Garcia (D-Illinois) and Hank Johnson (D-Georgia) introduced the “Fair Compensation for Truck Crash Victims Act” on Dec. 22. Garcia has previously authored the “Improving National Safety by Updating the Required Amount of Insurance Needed by Commercial Motor Vehicles per Event (INSURANCE) Act.”
Like previous attempts to increase insurance minimums for carriers, the new legislation also ties the minimums to inflation to keep pace “with the rising cost of healthcare and other expenses,” a press release from Garcia said.
The bill would require the Secretary of Transportation, in consultation with the Bureau of Labor Statistics, to adjust the liability insurance minimum every five years for inflation relating to medical care.
“For too long, truck crash victims and their families have been burdened by tremendous emotional and financial consequences, facing a mountain of medical debt and shattered lives,” Garcia said. “The Fair Compensation for Truck Crash Victims Act is about justice, responsibility, and protecting our communities. It's time to ensure that trucking companies have adequate insurance to cover the true cost of their actions and prevent families from being financially destroyed by crashes they had no control over.”
The bill is co-sponsored by Reps. Jared Huffman (D-California), John Garamendi (D-California), Adriano Espaillat (D-New York), and Steve Cohen (D-Tennessee).
Previous attempts to increase insurance minimums have stalled before reaching the full House floor for a vote.
[Related: Significant liability insurance hike floated again in Congress]
Love’s celebrates 60th anniversary
Love's Travel Stops on Jan. 8 celebrated 60 years of operations, marking a legacy of innovation, growth and community impact since its first store opened in Watonga, Oklahoma, in 1964, the company said.
"That year, Tom and Judy Love were looking for a way to support their growing family,” the Love family said in a press release. “So, they leased a filling station in Watonga and with Tom’s boots-on-the ground, community- and people-focused mentality he kept his entire career, that one store led to a nationally recognized brand.”
Love’s said it is the only major travel stop that is still family-owned and -operated and is now a national travel stop and convenience store network with 637 locations in 42 states and nearly 40,000 employees in North America and Europe. Its growing family of companies includes Musket Corp., Trillium Energy Solutions, Gemini and Speedco.
Tom Love was an innovator from the start, the company said, opening a combined convenience store and filling station at a time when that was practically unheard of. His innovative spirit is at the heart of every addition the company has had over the years – from expanding into travel stops, adding the Gemini Motor Transport fleet, and restaurant and fresh food options, to total truck care solutions, alternative fuels, and private label offerings, just to name a few.
“Tom Love said it best, ‘yesterday’s trophies don’t win tomorrow’s games,’ and even after six decades we still live by that motto, constantly innovating and improving,” said Shane Wharton, president of Love’s. “The secret formula behind the company’s success is our employees and how they model the core values Love’s was built on and sustain a legacy of driving for excellence.”
Love’s 60th anniversary celebrations will continue throughout the year.
