We’re proud to be the official insurance partner of the Road Haulage Association (RHA). RHA Insurance Services (RHAIS) provides RHA members with their insurance coverage to a standard that exceeds industry expectations. If you are a haulage fleet owner/operator, we can arrange your HGV Insurance to include all the coverage you need to run your business safely and legally.
Call: 0203 960 2944
Visit: rhainsuranceservices.uk.net/contact/
Hire & Reward HGV Insurance
At RHAIS, we can include Hire & Reward Insurance when you arrange your policy with us. As a Fleet operator or an independent owner/driver, you’ll know that this type of coverage is a specialist commercial policy required by law in the UK if you are transporting goods for financial reimbursement.
As a haulage and logistics company, you’ll need specialist Goods in Transit (GIT) Insurance to cover the value of the goods you’re transporting, in the event of loss, theft, or damage. Goods in Transit Insurance through RHAIS can work in accordance with standard Conditions of Carriage, international conventions and common law liability.
It provides financial protection for the loss or damage of transported or stored goods whereas Hire & Reward Insurance which sits within your HGV Insurance policy, covers vehicle damage, liabilities, and legal expenses.
A crucial part of any logistics insurance package, Haulage Liability Insurance can be tailored by our experts to suit the needs of your haulage and logistics company. Within our offering our policies can include:
Public Liability & Products Liability Insurance
This insurance coverage combines Public Liability and Products Liability to provide you with coverage with limits of up to £50 million and protects your business against compensation claims made against you by members of the public or third parties. It offers financial protection should a product you deliver or handle or your business activities result in injury, death, or property damage.
This insurance is essential for haulage and logistics companies that could be held responsible as the supplier or distributor of cargo. Cover can also be extended for rail side and airside operations if needed.
Employers’ Liability Insurance
The freight industry can be fraught with danger. Loading and unloading, handling heavy objects, working at height, falling objects, and slips, trips and falls can all lead to serious injury. If an employee sues you for compensation following an injury or illness in the workplace, you could face significant legal fees and, if your employee’s claim is successful – heavy compensation payouts. RHAIS provides cover for all types of employees ranging from drivers to manual warehouse people and agency staff.
Loss ratios
Loss ratios are an important aspect of HGV Lorry Insurance because they can influence the price you pay for your insurance premium. The loss ratio is a metric used by insurers to calculate the associated risk level of each insurance policy they provide. It provides a percentage figure of the cost of your premium compared to the cost of the insurance claims you make.
The formula insurers use is:
Claims paid + loss adjustment expenses / (divided by) Premium earned = XX x 100 (to reach the % figure) 1
For example:
You paid £150,000 premium
You received £60,000 in a claim payout + the loss adjustment expense of £20,000
80,000 / 150,000 = 0.53 x 100 = 53.3% = your loss ratio percentage
What is an acceptable loss ratio percentage?
The ideal loss ratio percentage for HGV insurance varies from insurer to insurer. As a rule, however, it should sit within 40% and 60%. 2 A loss ratio of over 60-65% can mean you are considered a higher risk for an insurer which can drive the price of your premiums up.
By implementing the following factors, you can mitigate the risk of a high loss ratio:
· Driver Training Programmes: can mitigate the risk of road incidents
· Regular vehicle maintenance: can prevent mechanical issues and failures
· Telematics & tracking: can monitor driver behaviour and performance, and lead to effective risk management
· Efficient claims handling: faster claims resolution and minimisation of business interruption
Claims handling | Our Claims Promise
Our dedicated in-house claims team is focused on supporting you through the claims process – every step of the way. Geared towards getting your business back up and running following a claim, we pride ourselves on efficiency and swift resolution. With RHAIS, you can rest assured that we’ll support you from the first stage of your claim, through to the final settlement.
Our purpose-built online platform, RiskPilot, is now available to RHAIS customers. Featuring a dashboard and easy to understand summaries, RiskPilot is designed to provide you with a comprehensive, full overview of your claims, from newly opened and in-process to resolved. The platform provides our customers with real-time updates, enabling you to keep track of the progress and resolution of each insurance claim you make.
Increased focus on telematics
Telematics and in-vehicle CCTV are used to track driver behaviour, vehicle performance, accident response, and identify patterns within the haulage journey from collection to end destination. Data collated from monitoring systems can be used to assess risk and potentially reduce the number of claims made. In turn, this can have a positive impact on the loss ratio of a haulage operator or fleet, and lead to reduced premiums if safer driving and good vehicle handling can be proven with this technology.
If you are looking for a new quote for your haulage and logistics company or would like to discuss your existing policy with us, contact our team today.
Call: 0203 960 2944
