Positive Forecasting for the Trucking Industry in 2023

DPSI
// September 1, 2022
Reading Time: 2 minutes

Woman working in trucking business

Despite the U.S. freight economy having its ups and downs, the trucking industry is poised for a big comeback in 2023. The American Trucking Association’s (ATA) U.S. Freight Transportation Forecast to 2023 shows the U.S. freight economy is projected to grow significantly in the years ahead. The total freight tonnage is expected to grow by 21%, and revenue for the freight transportation industry is expected to rise 59% by next year.

In a recent article from Bulk Transporter, ATA’S Chief Economist Brian Costello stated, “Census Bureau and ATA data show single-family housing starts at a high level after years of underbuilding. And, combined with increased government spending spurred by the Infrastructure Investment and Jobs Act, tank truck carriers should have plenty of construction-related freight to haul.”

In addition to this, factory output continues to grow, and we have a consumer base highly focused on internet shopping and “to door” delivery. These factors point to a bright outlook in the trucking and parcel delivery sectors.

Devon Park Specialty’s Truckers General Liability product provides business owners with the insurance coverage they need to operate and fulfill their contractual hauling obligations. It also provides the necessary certificates of insurance.

We can consider:

  • Up to 50 power units
  • New ventures
  • Short, last-mile delivery as well as intermediate and long-haul radiuses
  • Risks with private terminal operations
  • Those performing repair work on owned vehicles

Our product offers:

  • General liability coverage with maximum limits of $2 million/$4 million
  • No liability deductible
  • Blanket additional insured
  • Blanket waiver of subrogation
  • Blanket primary and noncontributory wording
  • Non-auditable policy

As trucking poises for a bounce back in 2023, it is important these businesses have the correct and adequate coverage in place. Contact your Commercial Lines underwriter for more details about our Truckers General Liability product.

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As always, thank you for your support and business.

Contact Michelle Ralston
Second Vice President, Team Leader | 888-523-5545, ext. 2015

Written by Bob Kane
September 2022

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