Steve Libertore, co-owner of three S2 Transport trucks, also trucking insurance agent with Kincaid Insurance Group, was contacted by the SBA for this purpose in December after taking out a loan from the SBA earlier in the year. For Libertore, it was really a matter of routine. S2 was “contacted in December for proof of coverage. I only had to provide a certificate of insurance for my assets and the underwriter put it on file.”
These assets? “We only have the trucks and trailers,” Libertore said, “so they’re covered by the physical damage policy.”
As is the case with many owner-operator businesses, whether it’s a single truck or several. For Arizona-based owner-operator Lance Buttermore, however, the office of the SBA Disaster Assistance Representative who contacted him initially asked for something he didn’t think he had – a ” risk insurance “. What type of insurance exactly? He asked. The SBA representative used the term “business content and personal property” to describe the insurance.
Buttermore took note of her Gallagher font, covering her 2015 Kenworth T680 (see a photo at the bottom of the article). The policy “covers the contents of the vehicle as well,” he said, including “my laptop which I rarely use and which is inside this vehicle. We also have theft coverage.” . But the language Buttermore used for the cover – physical damage – since he did not include the expression used by the representative of the SBA, he did not succeed in his opinion.
Buttermore did some superficial research and figured he might get something called “business content insurance … for around $ 50 per month. Yet an unexpected contact from the SBA asking it to suddenly buy something or be found to be in default on the loan made its mark. spider sense tingling, so to speak, especially considering the well-publicized scammers surrounding all COVID-19 relief-Related.
“If we were 10 trucks in a home office and the like,” said Buttermore, insurance on all of that non-mobile content would make sense, but “we’re just one truck trying to make five.”
Buttermore and his wife, after thinking about it all, reached out to his local SBA contact in the Phoenix area, “a manager my wife had spoken to” before, he said. “They told us to send a cutoff email” to the rep he had been dealing with, because as far as they could tell, the physical damage policy met what she was looking for.
In the state we spoke to just before the start of the year, Buttermore had “received no further emails.”
His repayment on the loan, assuming everything is in order as it appears, will begin in June, a year after he originally received the loan.
During all of this, when Buttermore called to have Gallagher send his proof of physical damage insurance, he asked if others were having similar issues. His insurance company representative said, “You are like the 10th truck driver today who had the same problem.”
For those of you who have taken out SBA EIDL loans above a certain amount – $ 25,000, Buttermore said – did your confirmation of insurance go the same or more smoothly? Leave us a comment below with your story.
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Adventures in a temporary niche in the West
When I spoke with owner-op Buttermore a few weeks ago, he was on a series of short-haul container trips working on a relatively new business from a Landstar agent out of the Port of Long Beach with his KW 2015 (photo above).
“They pay you very well” for what equates to a 32 mile round trip, about the size of the actual transport, he said, though his first time sailing the chassis and other pools at the resort gigantic certainly has not been stable as it goes. It was a bit of a “headache,” he added, “because you have to know where to get your chassis. You get off the truck and try to talk to security, but they act like you are. a leper “in the hottest COVID hotspot in the United States these days, Los Angeles.
He spoke of one particular security guard who was doing his best to help in a car.
“He was trying to tell me to follow him around in circles. I’m like ‘What is this?’ He looks at me like I’m crazy, throwing his hands in the air like, ‘Why don’t you move?’ “He kept rolling around and round. “He finally motioned for me to follow him,” leading Buttermore to where he might wait. “He gave me the sign language version of ‘take a nap.’ I sat there for another two hours. Then they said go get a chassis.”
Long story short, he arrived at 7 a.m. and had a midnight to 1 a.m. appointment which then took a few more hours. He fully understands why he was being paid $ 50 / mile. “You have to try to turn the tide,” to see the bright side of basically waiting all day for loading. “If you don’t, you’ll dwell on the gravity of the situation – and you won’t want to do it,” even if the money is worth it. “When I see numbers like that, I don’t care what I do.”
Since then, Buttermore reports, he’s returned to a catwalk leased from the Carrier (also pictured above), having spent some time in the store.