Glossary

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1099 FormA tax form used in the U.S. that details the amount of income an independent contractor earns from a...

3PL (Third-Party Logistics)Companies that provide outsourced logistics services to companies for part, or sometimes all, of the...

Accident InvestigationThe process of determining the reasons for an accident, which is critical to preventing future incid...
Accident ReportingGuidelines and requirements for how accidents must be reported by the truck operator to the insuranc...
Accident ScenariosVarious situations outlined within an insurance policy that describe how coverage applies in the eve...
Accident Scene InvestigationThe examination and documentation of the physical scene of an accident as part of the claims process...
Accidental Death and Dismemberment EndorsementAn amendment to an insurance policy that changes the terms or scope of the original coverage, often ... (AD&D)
Act of GodNatural occurrences such as floods, earthquakes, or hurricanes that are typically excluded from stan...
Actual Cash Value (ACV)The value of the vehicle at the time of damage or loss, calculated by taking the replacement cost mi...
Actuarial AnalysisThe examination of risk by insurance actuaries to determine appropriate premiums and policy terms fo...
Actuarial EquityThe principle that insurance pricing should correspond closely with the risk profile of the insured,...
Actuarial ScienceThe discipline that applies mathematical and statistical methods to assess risk in insurance, financ...
Additional InsuredA person or organization that is not automatically included as an insured under the policy of anothe...
Additional Insured EndorsementExtends coverage to other individuals or entities not automatically covered under the original polic...
Additional PremiumAn extra amount charged by the insurer, usually resulting from an audit or as additional risk is ide...
Adjustable PremiumA premium that can change over time based on the policy’s terms, reflecting changes in risk exposu...
AdjusterAn insurance professional who evaluates the damage and determines the amount the insurance company s...
Adjustment ExpensesCosts incurred by an insurer for the investigation and settlement of claims, including the work of c...
Admitted CarrierAn insurance company licensed and authorized to conduct business in a particular state, providing ce...
Adverse SelectionA situation where those most likely to file a claim are more inclined to purchase insurance, affecti...
Advertising InjuryCoverage for damage from slander, libel, or defamation resulting from advertising activities.
Aftermarket PartsReplacement parts that are not made by the original manufacturer, often used in vehicle repairs and ...
Age-Based PremiumsPremiums that vary based on the age of the insured, typically seen in health and life insurance, whe...
Aggregate DeductibleA cap on the amount a policyholder would have to pay out-of-pocket over a coverage period, typically...
Aggregate LimitThe total amount an insurer will pay for multiple claims under the same policy during a specified po...
Air Cargo InsuranceCoverage for goods transported by air, which includes specific risks associated with air transport s...
Air Ride SuspensionA type of vehicle suspension powered by an engine-driven or electric air pump which provides a smoot...
Alcohol ExclusionSpecific exclusion in many auto and health insurance policies that denies coverage for incidents tha...
All Perils DeductibleA deductible in a homeowner’s insurance policy that applies to all types of covered losses, except...
All-Risk CoverageA type of cargo insurance that covers all causes of loss or damage, except those specifically exclud...
AmortizationThe process of gradually writing off the initial cost of an asset over a period, similar to deprecia... Read More
Annual Aggregate LimitA common feature in liability policies that sets a ceiling on the amount of money the insurer will p...
Annual DeductibleA deductible that resets every year, common in health insurance, representing the amount the policyh...
Annual DOT InspectionA mandatory inspection of commercial motor vehicles required once every 12 months to ensure that the...
Annual LimitThe maximum amount your insurer will pay in a single policy year for coverage, commonly associated w...
Annual PremiumThe total amount payable per year for an insurance policy.
Apportioned PlatesLicense plates issued to commercial vehicles that operate in multiple jurisdictions, allowing them t...
AppraisalA valuation of property damage or loss by an authorized person to determine the amount of loss incur...
Arbitration ClauseA clause in a contract that requires disputes to be resolved through arbitration rather than court l...
Artificial Intelligence (AI)The simulation of human intelligence in machines programmed to think like humans and mimic their act...
Asbestos ExclusionSpecifically excludes coverage for any claims related to asbestos, including removal, mitigation, or...
AssetAny resource owned by an individual or a business that is expected to provide future economic benefi...
Asset-Based BrokerA freight broker that also owns or controls assets like trucks or warehouses, providing a combinatio...
Assigned RiskA system through which drivers who cannot obtain insurance in the regular market are provided covera...
ATA CarnetAn international customs document that allows the temporary importation of goods without paying duti...
Athletic Participation ExclusionExcludes coverage for injuries sustained while participating in professional or semi-professional at...
Authority LeaseAn agreement where an owner-operator leases their services and truck to a licensed motor carrier who...
Authority RevocationThe process by which a motor carrier’s legal permission to operate is withdrawn by a regulatory bo...
Automated Broker Interface (ABI)A system part of the U.S. Customs Service that allows freight brokers to file import data electronic...
Automatic Additional InsuredProvides automatic coverage for new entities that meet the definition of an insured within the polic...
Autonomous VehiclesSelf-driving cars that operate without human input for steering, braking, and accelerating, presenti...
Average AdjusterA specialist who handles the adjustment of claims and particularly the calculation of general averag...
Average ClauseA policy stipulation that reduces the claim payout by a percentage equal to the underinsurance perce...
Aviation ExclusionExcludes coverage for claims related to the operation of aircraft, unless specifically covered under...
Axle WeightThe amount of weight transmitted to the ground by one axle, typically important for compliance with ...

Back Office SupportAdministrative and support functions provided by or for freight brokers, including documentation, bi...
BackhaulA return load that a carrier transports back to the place where the original load was picked up or t...
Bad FaithA situation where an insurer intentionally denies, delays, or obstructs the settlement of a legitima...
Base PlatesLicense plates provided under the lease agreement, which allow the operator to haul loads across sta...
Basic LimitsThe minimum limits of coverage that an insurance policy provides as required by law or the insurer...
Behavioral-Based SafetyA safety management approach that focuses on changing unsafe behaviors through use of positive reinf...
Benefit ScheduleA detailed list outlining the amount and duration of payments for various types of benefits under an...
Benefits WaiverA document that an independent contractor signs to waive certain benefits typically provided to empl...
BettermentAn increase in value to repaired property beyond its pre-loss condition, often resulting in a charge...
Bidding ProcessThe method independent contractors use to propose their services to potential clients, often competi...
Biennial UpdateA requirement that all entities under FMCSA jurisdiction must update their information every two yea...
Big DataExtremely large data sets that may be analyzed computationally to reveal patterns, trends, and assoc...
Bill of Lading (BOL)A legal document between a shipper and a carrier that details the type, quantity, and destination of...
BinderA temporary insurance agreement that provides coverage until a permanent policy is issued or denied,...
Binding AuthorityThe limit of authority granted to an agent or broker to issue insurance policies on behalf of the in...
Binding EndorsementTemporarily binds an insurer to cover a risk before the formal policy documents are issued, ensuring...
Binding ReceiptA receipt provided by an insurance company or agent that provides temporary insurance coverage until...
Biohazard Transport CoverageSpecific insurance for the transportation of hazardous biological materials, covering risks associat...
Blanket Additional Insured EndorsementAn endorsement that automatically provides coverage to any party that the insured is contractually r...
Blanket InsuranceCoverage that extends to more than one property or type of property at one or multiple locations, of...
BlockchainA system in which a record of transactions made in bitcoin or another cryptocurrency is maintained a...
BobtailThe act of driving a tractor without a trailer attached, commonly done by truck drivers when returni...
Bobtail InsuranceSpecifically covers the liability of a truck when it is driven without a trailer, typically after de...
Bodily Injury LiabilityCovers costs related to injuries that the policyholder's business causes to someone else, including ...
Box TruckA type of truck characterized by a large, rectangular cargo area for transporting goods, often used ...
Break Bulk CargoCargo that is transported in bags, boxes, crates, drums, or barrels, as opposed to bulk cargo, requi...
Break-even PointThe production level or sales volume at which total revenues equal total expenses, meaning the busin...
Breakdown InsuranceCoverage that assists owner-operators with repair or towing costs in the event of a mechanical failu...
Breakdown ServiceEmergency assistance services for owner-operators when their vehicle breaks down, typically includin...
Broad Form PolicyA cargo insurance policy that covers a wide range of potential damages and losses, except those expl...
Broker AuthorityLegal permission granted by a regulatory body, such as the Federal Motor Carrier Safety Administrati...
Broker Bond (BMC-84)A surety bond required by the FMCSA to ensure that the broker conducts business ethically and pays m...
Broker’s MarginThe difference between the amount charged to the shipper and the amount paid to the carrier, represe...
Brokerage LicenseA license required for a person or company to operate as a freight broker, ensuring compliance with ...
Buffer LayerA layer of insurance coverage that sits between the primary layer and excess layers of insurance, pr...
Business Interruption EndorsementAdds coverage for loss of income and other expenses that a business incurs after a covered disruptio...
Business Interruption InsuranceProvides coverage for loss of income and other expenses that occur when a business is halted due to ...
Business LicenseA permit issued by a government agency that allows individuals or companies to conduct business with...

Cab CardA document that accompanies apportioned plates, listing the states in which a truck is authorized to...
CabotageRegulations that prevent foreign motor carriers from picking up and delivering loads within another ...
Calendar Year DeductibleCommon in health insurance, this is a deductible that resets on January 1st of each year, regardless...
CancellationTermination of an insurance policy before its renewal date, which can be initiated by either the ins...
Cancellation ClauseA policy provision that outlines how either party can cancel the coverage and under what conditions....
Cancellation NoticeOfficial notification required to terminate an insurance policy before its natural expiration date, ...
CapacityIn freight brokering, it refers to the available space a carrier has to offer at any given time for ...
Capital LeaseA lease considered a purchase and finance arrangement for accounting purposes, where the lease opera...
Cargo ClaimsRequests made by consignees or shippers to cover financial losses due to damaged, delayed, or lost c...
Cargo ConsolidationRefers to the practice of combining multiple smaller shipments into one lot to optimize transportati...
Cargo InsuranceInsurance that covers loss or damage to freight during transit, which is critical for motor carriers...
Cargo Legal LiabilityInsurance that covers the legal liabilities of freight carriers when they are responsible for damage...
Cargo LiabilityAlthough separate from primary liability, it's crucial for truckers as it covers the goods transport...
Cargo Liability CoverageInsurance that covers the loss or damage of cargo carried in the trailer, distinct from trailer inte...
Cargo SeizureRisk of cargo being confiscated by authorities or other parties, which can be included in comprehens...
Cargo TheftInsurance claims related to the theft of goods from a vehicle or transport container, covering the l...
Carmack AmendmentA United States law applied to motor carriers and freight forwarders that dictates the level of liab...
CarrierThe entity that physically transports the freight from one location to another, hired by a freight b...
Carrier Lease ProgramA program offered by trucking carriers that allows drivers to lease trucks directly from the carrier...
Carrier LiabilityThe legal obligation of the carrier for the loss or damage to the goods they transport, as defined b...
Carrier PacketA collection of documents that a freight broker or shipper requires from a motor carrier before doin...
Carrier ProfileA document or database entry that contains all the relevant information about a motor carrier, inclu...
Carrier QualificationThe process used by freight brokers to verify the credentials, safety records, and operational capab...
Carrier’s Liability InsuranceCoverage that protects carriers from legal liability when they are held responsible for losses or da...
Cash FlowThe total amount of money being transferred into and out of a business, especially affecting its liq...
Catastrophic CapA term used primarily in health insurance to describe the maximum limit after which all covered expe...
Catastrophic CoverageInsurance coverage that comes into effect after the policyholder has exceeded an exceptionally high ...
Catastrophic InjurySevere injuries that result in long-term disability or significant functional impairment, typically ...
CDL (Commercial Driver’s License)A driver's license required to operate large, heavy, or placarded hazardous material vehicles in com...
CDL Medical CertificationA requirement that CDL holders maintain a current medical examiner's certificate, which proves they ...
Certificate of Insurance (COI)A document used to provide proof of insurance coverages and limits on an insurance policy.
Chain of Responsibility (CoR)A policy framework used in transport legislation to place legal obligations on parties in the transp...
Change OrderAn amendment to the initial contract agreement that independently changes the scope of work, typical...
ChassisThe wheeled frame used for transporting intermodal containers, often included in trailer interchange...
ClaimA formal request by a policyholder to an insurance company for coverage or compensation for a covere...
Claim AdjusterAn insurance professional who assesses vehicle damage, determines repair costs, and negotiates settl...
Claim AdjustmentThe process of evaluating and settling an insurance claim, including the determination of the approp...
Claim FilingThe submission of a claim form to an insurer to notify them of a loss and begin the claims process.
Claim ProcessThe procedure followed by an insured truck operator to report and resolve a liability claim after an...
Claim SettlementThe resolution of a claim, where the insurer agrees to pay an insured for a loss covered by the poli...
Claim ThresholdThe minimum amount of loss or damage that must be exceeded for an insurance claim to be valid and th...
ClaimantThe person or entity making an insurance claim.
Claims ClosureThe finalization of a claim, involving the complete and satisfactory resolution of all aspects relat...
Claims DenialA decision by an insurer not to honor a request for payment based on the conclusion that the claim d...
Claims Expenses Outside LimitsA policy feature where the costs related to defending a claim do not reduce the policy’s limits of...
Claims HistoryA record of all past claims that have been made by an insured, used by insurers to assess risk and d...
Claims Investigation ProcessThe method by which an insurer examines an insurance claim to determine its validity and the extent ...
Claims ManagementThe process of handling claims from the onset of injury or illness, through treatment and rehabilita...
Claims ManualA guidebook used by adjusters and other claims handling staff that outlines procedures, guidelines, ...
Claims Reporting ProceduresSpecific steps and guidelines provided by an insurance company regarding how and when to report a cl...
Claims ReviewA process involving the reevaluation of a claim to ensure all aspects were handled properly and in a...
Claims-Made PolicyA type of liability insurance policy in which coverage is limited to only those claims that are made...
Client ConfidentialityThe obligation of the independent contractor to protect the privacy and secrecy of client informatio...
Client RetentionStrategies used by independent contractors to maintain relationships with existing clients, includin...
Climate Change ImpactThe influence of changing climate patterns on insurance, affecting policy pricing, risk assessment, ...
Co-insuranceA provision in an insurance policy that requires the policyholder to carry insurance equal to a spec...
COGSA (Carriage of Goods by Sea Act)United States legislation that governs the rights and responsibilities between shippers of cargo and...
Collateral Protection Insurance (CPI)Insurance taken out by a lender on a property (usually real estate or a vehicle) when the borrower d...
Collision CoveragePart of physical damage insurance that covers damage to a truck from a collision with another vehicl...
Combined DeductibleA deductible structure that applies to multiple coverages, such as physical damage and non-trucking ...
Combined Single Limit (CSL)A single dollar limit in an insurance policy that applies to the total of damages for bodily injury ...
Commercial General Liability (CGL) PolicyA standard insurance policy issued to business organizations to protect them against liability claim...
Commercial VehicleAny type of motor vehicle used for transporting goods or passengers for compensation, subject to var...
CommissionThe fee that freight brokers earn for arranging the transportation of goods, typically a percentage ...
Comparative FaultA rule in tort law that reduces the amount of damages a plaintiff can recover in a negligence-based ...
Completed Operations LiabilityCovers liability for property damage or bodily injury that occurs after a company has completed its ...
Compliance ChecksInspections and audits conducted to ensure that businesses adhere to industry regulations and standa...
Compliance OutreachPrograms and initiatives by the FMCSA aimed at educating carriers, drivers, and the public about saf...
Compliance ReviewA comprehensive on-site examination of motor carrier operations, including drivers' hours of service...
Compliance, Safety, Accountability (CSA)An FMCSA initiative aimed at improving safety and preventing commercial motor vehicle crashes throug...
Composite PremiumA single premium rate calculated for a group insurance policy, based on the average risk of the grou...
Comprehensive CoverageProtects against damages to a truck from non-collision-related incidents such as theft, fire, vandal...
Concealed DamageDamage to cargo that is not noticeable until the package is opened but is assumed to have occurred d...
Condition ReportA document that details the condition of a trailer at the time of exchange in a trailer interchange ...
Conditional DeductibleA deductible that applies only under certain conditions specified in the policy, such as location-sp...
Conditional EndorsementSpecifies that certain conditions must be met for coverage to apply, altering the standard coverage ...
Conditional LimitsPolicy limits that only apply if certain conditions are met, used in various types of insurance to m...
Conditional RenewalA policy renewal that imposes new terms different from those in the original policy, often influence...
Conditionally Renewable PolicyAn insurance policy that the insurer agrees to renew only under conditions stated in the policy.
Conflict of InterestA situation in which the independent contractor’s personal interests or external business activiti...
Consequential LossFinancial loss suffered by the owner of the cargo due to the delay or damage of the cargo, not cover...
Consequential Loss CoverageBeyond the immediate damage, this covers loss of market and other financial impacts that are not dir...
ConsigneeThe person or entity to whom the goods are shipped and who is responsible for receiving the cargo.
ConsignorThe person or entity that sends the goods to a consignee, typically the seller or shipper of the goo...
Constructive Total LossA situation in which the cost of recovering or repairing the cargo would exceed its value, allowing ...
ConsultantOften an independent contractor who provides expert advice professionally; this term is frequently u...
Contamination CoverageProtects against losses resulting from cargo becoming contaminated during transport, particularly re...
Contingent Cargo InsuranceCoverage that provides protection for freight brokers and shippers in the event the actual carrier's...
Contingent LiabilityProvides coverage for the truck owner or lessee when a primary policy (such as the one held by a tru...
Continuous CoverageAn insurance coverage approach where there are no gaps or interruptions in coverage over time, impor...
Continuous ImprovementAn ongoing effort to improve products, services, or processes, often involving measures to enhance s...
Contract AgreementA legally binding document between an independent contractor and a client that outlines the scope of...
Contract BreachViolation of any terms within the lease agreement, which could lead to penalties or termination of t...
Contract CarrierA carrier that enters into a contractual agreement with a shipper or broker to transport goods under...
Contract RenewalThe process of extending the duration of an existing contract, typically negotiated as the current c...
Contract TerminationThe end of a contractual relationship, which can occur through completion of the contract terms, mut...
Contractual LiabilityInsurance that covers liability assumed under a contract, which is a common requirement in many busi...
Contractual Liability ExclusionExcludes coverage for liabilities voluntarily assumed under a contract, unless such liability would ...
Contractual Risk TransferThe process of moving risk from one party to another via a contractual agreement, such as hold harml...
Contributory NegligenceA legal doctrine that can reduce the claimant’s entitlement to compensation if they were also part...
Controlled Substances and Alcohol Use and Testing RegulationsSpecific FMCSA regulations that govern the testing for and prevention of alcohol and controlled subs...
Conversion PrivilegeThe right to convert a policy from one that requires ongoing premium payments to a policy that is fu...
CopaymentA fixed amount paid by a health insurance policyholder for covered services, such as a doctor's visi...
Corrective Action PlanA plan submitted by a carrier detailing the specific actions they will take to address violations id...
Cosmetic Procedures ExclusionCommon in health insurance, this excludes coverage for surgeries and procedures that are not medical...
Cost-SharingThe sharing of costs between the insurer and the insured, including mechanisms like deductibles, cop...
Coverage CapThe maximum payout covered by an insurance policy, beyond which the policyholder must bear any addit...
Coverage ExtensionsProvisions that extend coverage beyond basic policy limits for certain conditions or for a limited a...
Coverage LimitThe maximum amount an insurer will pay under a policy for a covered loss.
Coverage TerritorySpecifies the geographical area within which the insurance coverage is valid. For NTL, it’s crucia...
Coverage ThresholdThe minimum amount of damage or loss required before certain coverages within an insurance policy be...
Credit CheckAn evaluation performed by the leasing company to assess the creditworthiness of a potential lease o...
Credit RiskThe risk of loss arising from a borrower who fails to make required payments on any type of debt.
Criminal Acts ExclusionExcludes coverage for actions committed by the insured that are illegal, such as theft or fraud cond...
Crisis ManagementThe process by which an organization deals with a disruptive and unexpected event that threatens to ...
Cross LiabilityCoverage in a single policy that allows separate claims to be made by one insured against another in...
Cumulative Trauma Disorders (CTD)Injuries that occur over time due to repetitive strain or overuse, commonly seen in workplaces requi...
Curtain SiderA type of trailer or truck that has flexible side curtains, allowing for quick and easy loading and ...
Custom Parts and Equipment Coverage (CPE)Insurance for aftermarket additions such as upgraded audio systems or custom bodywork that are not t...
Customs BondsA type of insurance required for cargo entering a country, ensuring that all duties and taxes will b...
Customs Rejection InsuranceProtects against financial losses if cargo is rejected by customs authorities, covering the cost of ...
CVSA InspectionInspections conducted by members of the Commercial Vehicle Safety Alliance that enforce adherence to...
Cyber InsuranceCoverage that provides protection against losses resulting from cyber incidents, such as data breach...
Cyber LiabilityProtection against liabilities arising from the use of electronic data and computer systems, particu...
Cyber Liability EndorsementExtends a traditional liability policy to include risks associated with electronic activities, cyber...

Damage to Premises Rented to YouCovers property damage liability for premises rented or leased by the trucking business, such as off...
Data Breach ExclusionCommon in general liability policies, it excludes coverage for losses resulting from data breaches o...
DataQs SystemAn online system that allows motor carriers and drivers to request and track reviews of federal and ...
DBA (Doing Business As)A declaration used by a sole proprietor who wishes to conduct business under a name other than their...
DeadheadRefers to the condition of operating a truck without a trailer attached, often covered under bobtail...
Deadhead MileageMiles driven by an owner-operator without transporting cargo, often occurring when returning empty a...
Death BenefitsCompensation paid to the dependents of a worker who dies from a work-related injury or illness.
Debris RemovalCovers the cost of removing debris following a cargo loss, such as after an accident or natural disa...
Declaration of EmergencyA situation in which an emergency is declared by authorities that may affect the terms of trailer in...
Declaration of Non-UsageA statement provided by the insured when a vehicle is not in use, which can affect the terms and cos...
DeclarationsPart of an insurance policy that specifies who is insured, what risks or property are covered, the p...
Declarations PagePart of the insurance policy that lists all the details including the policyholder’s name, the pol...
Declared ValueThe maximum value of a shipment declared by the shipper to determine the liability of the carrier in...
Declared Value for CarriageThe value of goods declared by the shipper to determine a carrier's liability for loss or damage, af...
Declining Balance CoverageA type of policy where the limit decreases over time based on a predetermined schedule, often used i...
Deductible BuybackAn endorsement that allows a policyholder to "buy back" their deductible, effectively lowering or el...
Deductible CapThe maximum amount a policyholder is required to pay as a deductible during a policy period, ensurin...
Deductible ClauseThe section of an insurance policy that specifies the deductible amount and the conditions under whi...
Deductible RecoveryThe process through which an insured recovers the amount of the deductible paid out-of-pocket once t...
Deductible ReimbursementA provision or a separate policy that reimburses the policyholder for the amount paid out-of-pocket ...
Deductible WaiverA clause in an insurance policy that allows the policyholder to avoid paying the deductible under ce...
DeductiblesA specified amount of money that the insured must pay before an insurance company will pay a claim.
DefaultFailure to meet the legal obligations (or conditions) of a loan, such as not making the regular prin...
Defensive Driving CoursesPrograms that truck drivers can take to improve driving skills and reduce liability risks, often lea...
DeliverablesSpecific outcomes or products that an independent contractor is required to deliver under the terms ...
DemurrageCharges levied when cargo or shipping containers are retained beyond the agreed-upon period, which c...
Denial of ClaimAn insurer's refusal to honor a claim by the insured, based on findings during the claims investigat...
DepreciationThe reduction in value of property due to wear and tear or age, which can affect the amount an insur...
Depreciation FactorA percentage that reflects the decrease in value of a vehicle due to age, wear and tear, or obsolesc...
Detachable Gooseneck (RGN)A type of flatbed trailer with a removable front, allowing vehicles to be driven onto the trailer, u...
Detention and DemurrageCovers additional costs incurred when cargo is delayed during transport, including storage fees and ...
Detention CoverageInsurance that provides compensation for delays in unloading or loading cargo due to circumstances b...
Detention PayCompensation paid to motor carriers by shippers or receivers for delays that exceed agreed-upon wait...
Detention TimeThe time a carrier’s vehicle is detained beyond a specified period at the shipper or receiver’s ...
Diminished ValueThe reduction in a vehicle's market value after it has been damaged and repaired, compared to its va...
Direct LossDamage that is directly caused by a covered peril, such as a collision or natural disaster.
Directors and Officers (D&O) LiabilityA financial obligation or debt owed by an individual or business to another entity, typically result...
Disability BenefitPayments made to employees suffering from a disability resulting from a work-related injury or illne...
Disappearing DeductibleSimilar to vanishing deductible, this is a reward program where the deductible decreases as the poli...
DiscountsReductions in insurance premiums offered by insurers to policyholders who meet certain criteria that...
DispatcherAn individual in a motor carrier operation who schedules and routes drivers, manages freight assignm...
Distributed Ledger Technology (DLT)A digital system for recording the transaction of assets in which the transactions and their details...
DollyA trailer converter or an auxiliary axle assembly used to connect the lead trailer with a second tra...
Domestic ExclusionA clause that excludes coverage for claims involving disputes or actions between family members or i...
DOT (Department of Transportation) NumberAn identification number issued by the FMCSA to commercial vehicles operating interstate that are in...
DOT ComplianceCompliance with Department of Transportation regulations, which include insurance standards for carr...
DOT InspectionInspections conducted by DOT officers to ensure that vehicles and drivers comply with federal regula...
Double BrokeringA frowned-upon practice where a second broker (or sometimes the original carrier) re-brokers a load ...
Down PaymentAn upfront payment required at the beginning of some lease purchase agreements, which may be applied...
Downtime CoverageInsurance that compensates for the loss of income when a vehicle is out of service due to covered ph...
Driver Qualification File (DQF)A set of documents that motor carriers must keep for each driver they employ, showing that the drive...
Driver TrainingPrograms designed to educate and improve the skills of drivers, focusing on safe driving techniques,...
Driver Vehicle Examination Report (DVER)A document given to a driver after a commercial vehicle inspection that details any defects or defic...
Drop and HookA type of trucking operation where an owner-operator drops off a trailer at a customer's facility an...
Drop Trailer ProgramA program where trailers are left at a shipper’s or receiver's facility to be loaded or unloaded a...
Drug and Alcohol TestingMandatory testing programs for commercial drivers to detect and prevent the use of alcohol and illeg...
Dry VanA type of trailer that is fully enclosed to protect shipments from the elements, commonly used and c...
Duty InsuranceCovers the risk of having to pay duties again in case of loss or damage to goods that are already du...
Duty to DefendThe insurer’s obligation to provide legal defense to the insured when a claim is brought against t...

Early Termination FeeA fee that may be charged if the lease operator decides to terminate the lease agreement before the ...
Earned PremiumThe portion of a premium that has been "earned" by the insurer, proportional to the fraction of the ...
Earth Movement ExclusionTypically excludes natural movements of the earth such as earthquakes, landslides, and sinkholes, un...
Earthquake DeductibleA separate deductible that applies to claims arising from earthquake damage, typically a percentage ...
Earthquake EndorsementAdds coverage for damage caused by earthquakes, a peril typically excluded in standard property insu...
Economic LossA calculation of the financial loss resulting from injuries, including medical expenses, rehabilitat...
Effective DateThe date when an insurance policy begins to provide coverage.
EIN (Employer Identification Number)Also known as a federal tax identification number, used to identify a business entity and often requ...
ELD ComplianceLease operators must ensure that the leased trucks are equipped with compliant Electronic Logging De...
Electronic Data ExclusionExcludes losses related to the corruption or loss of electronic data, often found in property and ca...
Electronic Logging Devices (ELD)Hardware that is attached to commercial vehicles to automatically record driving hours, ensuring com...
Elevator LiabilityProvides coverage for bodily injury or property damage arising from the use of elevators in the insu...
Emergency Response Plan (ERP)A set of written procedures for handling sudden or unexpected situations, including accidents, natur...
Emerging RisksNew or evolving risks that are not yet fully understood or commonly insured, such as cyber threats, ...
Employers’ LiabilityInsurance that provides coverage to employers against claims by employees who suffer an injury on th...
Employment Practices ExclusionExcludes coverage for claims related to employment practices, such as wrongful termination, harassme...
Employment Practices Liability Insurance (EPLI)Covers businesses against claims by workers that their legal rights as employees of the company have...
Endorsement
Endorsement ChangeA written amendment to an insurance policy that changes the terms or scope of the original coverage....
Endorsement FeeA charge for processing changes to the terms or coverage of an insurance policy, such as adding or r...
Endorsement ModificationsChanges or additions to the original insurance policy terms that alter coverage, limits, or exclusio...
Endorsement ProcessingThe administration and documentation of adding, removing, or altering coverage in an NTL policy.
Entry-Level Driver Training (ELDT)Required training for new drivers operating commercial motor vehicles, which includes both theoretic...
Environmental CleanupCoverage for the cost associated with the removal of pollution caused by a spill or accident, includ...
Environmental Health and Safety (EHS)A discipline and specialty that studies and implements practical aspects of environmental protection...
EquityThe value of an ownership interest in property, including shareholders' equity in a corporation.
ErgonomicsThe study and design of equipment and procedures to maximize productivity by reducing operator fatig...
Errors and Omissions (E&O) Insurance
Escalation ClauseA policy provision that allows for increasing the sum insured or policy limits to keep up with infla...
Escrow AccountOften required by carriers, this is an account where funds are held to cover potential damages, repa...
Excess CoverageInsurance that provides additional limits above the standard policy, which can be crucial in severe ...
Excess LiabilityProvides liability limits above the primary insurance coverage, acting as a secondary layer of prote...
Excess Liability InsuranceAdditional coverage that goes beyond the limits of the primary non-trucking liability policy, offeri...
Excess Liability PolicySimilar to an umbrella policy, it provides additional coverage above the underlying policy limits bu...
Excess Umbrella PolicyProvides additional liability coverage that exceeds the limits of underlying liability policies and ...
ExclusionSpecific conditions or situations that are not covered by the insurance policy. For NTL, this often ...
Exclusion ClauseA part of the insurance contract that specifies events or circumstances that are not covered by the ...
Exclusion EndorsementAn endorsement that restricts coverage by specifying a condition or risk that is not covered by the ...
Expedited ShippingA service offered by freight brokers for shipments that need to be delivered faster than standard tr...
Expedited Shipping ExpensesAdditional costs incurred to expedite shipping in order to meet delivery deadlines, especially after...
Experience Modification Rate (EMR)A number used by insurers to gauge both past cost of injuries and future chances of risk, which can ...
Experience RatingA method used by insurers to set premiums based on a policyholder’s claim history, which influence...
Expiration DateThe date when an insurance policy ceases to provide coverage.
ExposureThe extent to which the truck is at risk of encountering an insurable incident while not under dispa...
Extended Replacement Cost EndorsementProvides additional coverage beyond the policy limits to replace a damaged property, accounting for ...
Extended Reporting Period (ERP)Allows claims to be filed after a claims-made liability policy has expired, covering incidents that ...

Factor (Factoring Service)A financial service that advances money to owner-operators or small trucking companies on unpaid inv...
Factoring ServiceA financial service that allows carriers to sell their invoices at a discount to a third party, like...
Fiduciary LiabilityProtection for businesses against claims resulting from violations of the Employee Retirement Income...
Fifth WheelA coupling device located at the rear of a tractor, which attaches to and provides pivotal movement ...
Filing RequirementsDocumentation and procedures required to file a claim under a motor truck cargo insurance policy, in...
Finance AgreementA contract in which one party provides money, property, or other resources to another party in excha...
Financial ResponsibilityThe requirement to show sufficient assets or coverage to pay for losses or damages caused by a truck...
Financial Responsibility FilingProof of insurance required by state and federal agencies demonstrating that a truck operator has su...
Financial Responsibility LawState laws requiring drivers to prove they can pay for losses or damages resulting from automobile a...
Financial Responsibility Law LimitsMinimum limits required by law that drivers must carry to cover bodily injury and property damage to...
Financial SolvencyThe ability of an insurance company to meet its long-term fixed expenses and accomplish long-term ex...
Fire Legal LiabilityCoverage for property damage caused by fire to premises rented to or temporarily occupied by the pol...
First Notice of Loss (FNOL)The initial report made to an insurance provider to notify them of a loss, marking the start of the ...
First Report of Injury (FROI)The initial report made to notify an employer, insurance carrier, or regulatory authority that an em...
First-dollar CoverageInsurance coverage that begins to pay out immediately after a claim is filed, without requiring the ...
Fixed ExpensesCosts that do not fluctuate with changes in production level or sales volume, such as leases, which ...
Fixed LeaseA lease agreement with a set term and fixed payments, providing predictability in costs for the leas...
Fixed RateA payment structure where the independent contractor is paid a predetermined amount for a specific s...
Flat CancellationThe cancellation of an insurance policy as of its effective date, resulting in no coverage and a ful...
FlatbedA type of trucking trailer without sides, used by motor carriers for transporting oversized loads or...
Fleet SafetySafety measures and policies specifically designed to prevent accidents and ensure the safe operatio...
FloaterA type of insurance endorsement that provides expanded coverage for items that are easily movable an...
FMCSA (Federal Motor Carrier Safety Administration)An agency within the DOT that regulates the trucking industry in the United States, focusing on enha...
FMCSA ClearinghouseA national database that contains information on all registered CDL holders’ drug and alcohol viol...
FMCSA ComplianceFederal Motor Carrier Safety Administration regulations that include insurance requirements for truc...
FMCSA Enforcement ActionsMeasures taken by the FMCSA against carriers, drivers, and others who do not comply with regulations...
FMCSA PortalA web-based system that provides access to FMCSA's data and systems, allowing motor carriers to mana...
FMCSA RegistrationThe process required for motor carriers, brokers, and freight forwarders to register with the FMCSA ...
FMCSA RegulationsRules and standards set by the Federal Motor Carrier Safety Administration to govern the operation o...
Force Majeure ClauseA provision in contracts that frees both parties from liability or obligation when an extraordinary ...
Forensic InvestigationThe examination of a vehicle after a claim to determine the causes and extent of damage and to ensur...
FPA (Free of Particular Average)A type of insurance that covers cargo for total loss only, not for partial damages unless caused by ...
Fragile Goods CoverageInsurance specifically designed to cover goods that are easily damaged during transit, such as glass...
FreelancerSimilar to an independent contractor, often used interchangeably, but typically refers to individual...
Freight Audit and Payment ServicesServices provided by or through freight brokers that involve checking freight bills for accuracy and...
Freight BrokerAn individual or company that serves as an intermediary between shippers and carriers to facilitate ...
Freight Broker LiabilityCovers the legal liability of freight brokers who facilitate the transportation of goods but do not ...
Freight ClassCategories assigned to shipped goods that help define the tariffs, pricing, and regulations affectin...
Freight ConsolidationThe process of combining multiple smaller shipments into one larger shipment to reduce shipping cost...
Freight ForwarderAn individual or company that organizes shipments for individuals or corporations to get goods from ...
Freight Forwarder Liability InsuranceProtects freight forwarders against claims for loss, damage, and delays to goods while they are resp...
Freight InsuranceSimilar to cargo insurance, specifically designed to cover the goods while in transit over land, sea...
Freight MatchingThe process by which freight brokers pair available loads with suitable carriers, typically using so...
Freight RateThe charge assessed by carriers for transporting freight, which brokers negotiate on behalf of shipp...
FTL (Full Truckload)Shipping that requires the entire space or weight limit of a truck. Freight brokers match shippers w...
Fuel CardA card provided or recommended by many leasing programs that offers discounts on fuel purchases and ...
Fuel Optimization SoftwareTools used by owner-operators to plan routes and fuel purchases to minimize costs and maximize effic...
Fuel SurchargeAn additional charge added to freight rates to compensate for fluctuations in fuel prices, helping o...
Fuel Surcharge ProgramA program that may be offered as part of a lease agreement to help offset fuel costs by charging add...
Fungi or Bacteria ExclusionA specific exclusion in property insurance policies that denies coverage for damage caused by mold, ...

GAP CoverageInsurance that covers the difference between the actual cash value of the vehicle and the remaining ...
Garage Keepers LiabilityA type of liability coverage offered to service stations and auto garages that protects customer veh...
General AverageA principle of maritime law where all parties in a sea venture proportionally share the losses resul...
General Liability InsuranceCoverage that protects trucking companies from financial loss due to liabilities incurred from prope...
Geographic LimitsRestrictions placed on the insurance policy that limit coverage to specified geographical areas.
Gig EconomyA labor market characterized by the prevalence of short-term contracts or freelance work as opposed ...
Globalization of RiskThe spread of risks across geographical and industry boundaries, influenced by global economic integ...
Good FaithLegal principle that implies that all parties to an insurance contract must deal honestly and fairly...
Goods in TransitRefers to merchandise and other types of cargo when they are being transported from one place to ano...
Goods in Transit Insurance (GIT)A more specific term for insurance covering goods while they are being transported from one place to...
Government Action ExclusionExcludes coverage for losses caused by the confiscation, destruction, or seizure of property by gove...
Grace PeriodA specified period after a premium is due in which a policy remains in force without penalty, despit...
Green Rebuilding EndorsementAllows for extra costs to be covered to rebuild or repair a property using environmentally friendly ...
Gross Combined Weight Rating (GCWR)The maximum allowable weight of a vehicle and its cargo, including a trailer, as specified by the ma...
Gross PremiumThe total premium including all operational and administrative costs, before any deductions for rein...
Gross Vehicle Weight (GVW)The total weight of the truck including the chassis, body, engine, engine fluids, fuel, accessories,...
Gross Vehicle Weight Rating (GVWR)The maximum total safe weight of a vehicle, including cargo and passengers, as specified by the manu...
Guaranteed RenewalA feature in some insurance policies that ensures the policyholder can renew the policy for a specif...

Haulage ContractorA type of contractor who transports goods for others by road, whose liability and cargo risks can be...
Hazard IdentificationThe process of recognizing hazards that could potentially cause harm to people, property, or the env...
Hazardous Materials (Hazmat)Substances that pose significant risk to health, safety, or property when transported, requiring spe...
Hazardous Materials Endorsement (HME)An endorsement that must be obtained by drivers who transport hazardous materials, requiring additio...
Hazardous Materials Regulations (HMR)Regulations enforced by the FMCSA and other agencies that govern the handling and transportation of ...
Hazardous Materials Safety Permit (HMSP)A permit required by the FMCSA for carriers that transport certain types of hazardous materials that...
HazmatHazardous materials as classified by the government. Freight brokers dealing with hazmat shipments m...
Hazmat CertificationCertification required for drivers, including owner-operators, who transport hazardous materials, ne...
Heavy HaulSpecialized transport for oversized or overweight cargo, requiring additional permits and logistics ...
High-Deductible Health Plan (HDHP)A health insurance plan with lower premiums and higher deductibles than a typical health plan, often...
High-Theft CommoditiesGoods that are more attractive to thieves, such as electronics and pharmaceuticals, often requiring ...
Hijacking CoverageSimilar to piracy coverage, specifically protects against losses due to the hijacking of trucks or t...
Hired Auto LiabilityProvides coverage for autos that the insured leases, hires, rents, or borrows but does not include a...
HitchThe device that connects a trailer to the towing vehicle, which can include different types such as ...
Host Liquor LiabilityLiability coverage for businesses that serve alcohol at company functions, where the business is not...
Hourly RentalsShort-term truck rental options that might be available for lease operators needing temporary additi...
Hours of Service (HOS)Regulations issued by the FMCSA that govern the working hours of anyone operating a commercial motor...
Hurricane DeductibleA separate, higher deductible that applies only in the event of damage from a hurricane, common in h...

Idle Reduction TechnologyEquipment and technology designed to reduce the amount of time engines idle, thus saving fuel and re...
IFTA (International Fuel Tax Agreement)An agreement among U.S. states and Canadian provinces to simplify the reporting of fuel use by motor...
IFTA StickerA decal displayed on the vehicle indicating compliance with the International Fuel Tax Agreement, wh...
Illegal Acts ExclusionExcludes coverage for acts committed by the insured that are illegal or in violation of government r...
Impairment Income BenefitsPayments made to workers who suffer a permanent impairment from a work-related injury, to compensate...
Incident RateA metric used to compare the frequency of injuries and illnesses among different workplaces or over ...
Incident ReportingThe formal notification process after an accident or near-miss, which helps identify hazards or defi...
Incidental Contractual LiabilityCovers liability assumed under incidental contracts, such as certain types of lease agreements or ve...
Incidental Medical MalpracticeCoverage for incidental medical errors or accidental medical advice provided by non-healthcare profe...
Inclusion EndorsementAn amendment that adds coverage for a specific condition or risk that was not originally included in...
IncotermsInternational commercial terms published by the International Chamber of Commerce that define the re...
Incurred But Not Reported (IBNR) LossesLosses that have occurred but have not yet been reported to the insurer, which can significantly aff...
IndemnificationThe obligation to make financial restitution for loss or damage, typically outlined in the terms of ...
Indemnification ClauseA provision in a contract that requires one party to compensate the other for certain damages and lo...
Indemnity AgreementA contract under which one party agrees to compensate another for any loss or damage that has arisen...
Independent ContractorWhile similar to a lease operator, an independent contractor may own their truck and operates under ...
Independent Contractors LiabilityCovers liabilities associated with the work of independent contractors hired by the business.
Indexation BenefitA feature in some insurance policies where the policy limits increase annually based on a specified ...
Indirect LossLosses that occur as a consequence of a direct loss, such as rental costs or lost business opportuni...
Individual LimitsLimits that apply to individual insureds under a policy, as opposed to aggregate limits which apply ...
Inflation GuardAn insurance policy feature that automatically adjusts the policy limits to reflect changes in cost ...
Inherent Vice ExclusionExcludes loss or damage to property that results from the nature of the item itself, such as spoilag...
Inland Marine InsuranceA broader category of insurance that includes motor truck cargo insurance and covers goods in transi...
Inner LimitsLimits within an insurance policy that cap coverage at lower levels than the overall policy limit fo...
Installment PremiumA payment option that allows policyholders to pay their premiums in installments, typically monthly,...
Institute Cargo ClausesInternationally recognized standard terms used to specify the risk coverage of cargo insurance polic...
Insurable InterestA requirement that the policyholder has a financial interest in the insured item or person, so that ...
Insurance AdjusterA professional who evaluates the extent of the insurer’s liability in claims against policies they...
Insurance BrokerA professional who arranges and negotiates insurance on behalf of clients, potentially useful for tr...
Insurance Declaration PageA summary page of an insurance policy that lists all the coverage, limits, deductibles, and policyho...
Insurance FraudActs intended to defraud an insurance process, including exaggerating claims or lying about circumst...
Insurance PolicyA contract between an insurance company and the policyholder, which outlines the terms under which t...
Insurance PremiumThe amount paid for an insurance policy, calculated based on the risk profile of the insured and the...
Insurance Premium FinanceA loan to pay insurance premiums in return for repayment with interest, used by businesses to manage...
Insurance Premium TaxA tax imposed on insurers, which can affect the cost of providing trailer interchange insurance.
Insurance RequirementsStipulations within a lease agreement detailing the types and levels of insurance the lease operator...
Insurance RiderAn addition to a standard insurance policy that provides additional benefits or amends the terms or ...
Insurance ScoreA rating used by insurance companies to determine premiums based on the risk associated with an indi...
InsurtechThe use of technology innovations designed to squeeze out savings and efficiency from the current in...
Integrated DeductibleA deductible that combines all coverages within a policy, meaning the policyholder pays one deductib...
Intellectual Property RightsLegal rights given to inventors, creators, and owners of works that are the result of human intellec...
Intentional Loss ExclusionPolicies typically exclude coverage for losses that result from intentional acts by the insured, suc...
Interchange ReceiptA document that records the transfer of a trailer from one trucker or carrier to another, detailing ...
Interest RateThe proportion of a loan that is charged as interest to the borrower, typically expressed as an annu...
Intermodal ContainerA large standardized shipping container, which can be transported on different vehicles across vario...
Intermodal CoverageInsurance that covers cargo as it moves across different modes of transportation, from trucks to shi...
Intermodal SystemA transportation system where goods are transferred between different modes of transport (e.g., ship...
Intermodal TransportationThe movement of goods in one and the same loading unit or vehicle by successive modes of transport w...
International Registration Plan (IRP)A reciprocity agreement among states of the U.S., the District of Columbia and provinces of Canada, ...
Internet of Things (IoT)The network of physical objects—“things”—embedded with sensors, software, and other technolo...
Interstate CommerceThe transport of goods or passengers across state lines, which requires additional federal authoriza...
Interstate Operating AuthorityAuthorization granted by the FMCSA that allows a motor carrier to operate across state lines.
Interstate vs. IntrastateDistinguishes between trucking operations across state lines (interstate) and within a single state ...
Interstate vs. Intrastate Non-Trucking UseDistinguishes coverage requirements between trucks used across state lines (interstate) and those op...
Intrastate CommerceThe transport of goods or passengers within a single state, governed by the state’s own transporta...
InvoiceA document issued by an independent contractor to a client that details services provided, terms of ...
IRS Worker ClassificationThe determination by the Internal Revenue Service as to whether a worker is an independent contracto...

Job ClassificationThe categorization of employment according to the type of work, risks involved, and the rate of pay,...
Joint and Several LiabilityA legal doctrine where each party is responsible for the entire judgment amount issued against them ...
Joint Venture LiabilityCovers liabilities arising from a partnership or joint venture, particularly relevant when trucking ...
Jost Fifth WheelA specific brand and model of fifth wheel coupling device, known for its reliability and widespread ...
Judgment LimitsThe maximum amount a court can award to a plaintiff, which can influence the limits chosen on a liab...
Jump Start ServiceRoadside assistance provided when a truck's battery fails, allowing owner-operators to resume their ...
Just in Time (JIT) Inventory PracticesA logistics strategy that minimizes inventory costs by having goods arrive exactly when needed in th...

KingpinA pin that forms part of the coupling between a tractor and a trailer, fitting into the fifth wheel ...
Kingpin Locking DeviceA security device that prevents unauthorized coupling of a trailer to a tractor, enhancing security ...
Known Loss ExclusionExcludes coverage for losses that were known to the insured at the time the policy was purchased but...

Landing GearThe support legs on semi-trailers that stabilize the trailer when it is not attached to a tractor.
Landstar SystemA transportation services company known for its owner-operator model, where drivers own their equipm...
LapseThe termination of an insurance policy due to non-payment of premium within the grace period, result...
Lapse in CoverageA period where no insurance coverage is in effect, often due to non-renewal or cancellation. Avoidin...
Layered CoverageA strategy where multiple insurance policies are stacked to provide coverage, with each layer having...
LeaseA contractual arrangement where one party (the lessor) allows another party (the lessee) to use an a...
Lease AgreementA contract between the owner of the trailer and the operator, outlining the terms under which the tr...
Lease BuyoutAn option at the end of a lease term that allows the lease operator to purchase the leased vehicle, ...
Lease OperatorA truck driver who leases their truck from a leasing company or carrier, typically responsible for t...
Lease Operator InsuranceCoverage requirements for operators who lease their vehicles, typically including primary liability ...
Lease Purchase AgreementA contract in which an owner-operator agrees to lease a truck with an option to purchase it at the e...
Lease Purchase ProgramA specific type of lease arrangement where a driver has the option to purchase the truck at the end ...
Lease Renewal OptionsTerms under which a lease operator can renew their lease agreement, often detailed in the original l...
Lease/Loan Gap CoverageAn extension of gap insurance that covers the gap between the insurance payout and the remaining lea...
Leased Operator CoverageInsurance that covers truck operators who lease their vehicles from another company, particularly fo...
Legal DefenseCoverage for legal fees and court costs associated with defending a liability claim.
Legal Defense CostsCosts associated with defending a lawsuit, regardless of the lawsuit's outcome. Typically included a...
Legal Obligation to PayRefers to liability coverage only being applicable when the insured is legally obligated to pay dama...
Letters of IndemnityDocuments issued by shippers or consignees to carriers, promising compensation for losses arising fr...
Level Premium InsuranceAn insurance policy where the premium remains constant throughout the duration of the contract, comm...
LeverageThe use of borrowed capital to increase the potential return of an investment, which also increases ...
Liability
Liability AssessmentThe process of determining the responsibility for damages or injuries in an insurance claim.
Liability CertificateProof of insurance that truck operators must carry and present during inspections or post-accident.
Liability ClaimA demand for payment typically based on a party's responsibility for injury or damage caused to anot...
Liability InsuranceCoverage that protects against claims resulting from injuries and damage to people and/or property.
Liability InvestigationThe process insurers undertake to assess the validity and extent of a claim before determining compe...
Liability LimitsThe maximum amount an insurance policy will pay for covered losses during the policy period.
Liability ShieldLegal protection for individuals or businesses that limits the extent to which they can be held fina...
Libel and SlanderSpecific categories of personal and advertising injury coverage, dealing with written (libel) or spo...
Lifetime LimitThe maximum amount an insurance company will pay for all the claims over the life of a policy, often...
Limit FactorA multiplier used to determine insurance limits based on variables like property value, location, or...
Limit of IndemnityThe maximum amount an insurer will pay under a liability policy, regardless of the number of claiman...
Limit of InsuranceThe maximum amount an insurance company agrees to pay in the case of a loss, as specified in the pol...
Limit of LiabilityThe maximum amount an insurance policy will pay for a covered loss.
Limitation of LiabilityClauses in a contract or policy that cap the amount one party has to pay to another in case of a cla...
LiquidityThe ability of an asset to be quickly converted into cash without significant loss of value.
Liquor LiabilityInsurance that covers bodily injury or property damage caused by intoxicating liquors provided by th...
Load BoardAn online matching system where freight brokers and shippers post loads for carriers to find work. I...
Load Board AccessOften provided as part of a carrier's lease program, allowing lease operators to find and secure fre...
Load BrokerSee "Freight Broker" — intermediaries who match available shipments with truckers or trucking comp...
Load FactorA measure of efficiency used by motor carriers to assess how effectively they are utilizing their fl...
Load Matching ServicesOnline platforms that help owner-operators find available cargo to haul, optimizing their route plan...
LoadingAn additional cost built into the insurance premium to cover losses that are higher than expected fr...
Loading and Unloading CoverageSpecific protection for damage that occurs while cargo is being loaded onto or off of a vehicle, ves...
Loading SurchargeAdditional costs that may be covered under cargo insurance policies for loading cargo in difficult o...
Log AuditingThe process of reviewing drivers’ logbooks or electronic logging devices (ELDs) to ensure accuracy...
LogbookA record maintained by truck drivers, including owner-operators, documenting hours worked and rest p...
LogisticsThe overall management of the way resources are obtained, stored, and moved to the locations where t...
Logistics SupportServices provided by the leasing company to help lease operators manage routes, schedules, and load ...
Long Combination Vehicle (LCV)A combination of a truck tractor and two or more trailers or semi-trailers that exceed standard size...
Long Haul CoverageInsurance specifically for goods transported over long distances, typically involving intercontinent...
Loss AbsorptionThe portion of the loss that is absorbed by the policyholder out of pocket, including the deductible...
Loss AdjustmentThe process of determining the value of a claim and the appropriate compensation under an NTL policy...
Loss Adjustment ExpenseCosts that an insurer incurs while investigating and settling claims, which are considered when dete...
Loss AssessmentThe evaluation of financial loss by an insurance adjuster to determine the amount that the insurance...
Loss of UseA condition where an injured worker is unable to use part of their body completely, significantly im...
Loss Payable ClauseA provision in an insurance policy that directs payment to a third party who has an insurable intere...
Loss Payable EndorsementAmends a property policy to include a loss payee, typically a financier or leaser, to receive paymen...
Loss PayeeThe party to whom the insurance payout is made directly, often the owner of the trailer in a trailer...
Loss PreventionMeasures taken by insured parties to prevent occurrences that may lead to claims, such as safe drivi...
Loss RatioThe ratio of losses paid by an insurer to the premiums earned, a key indicator of the profitability ...
Loss Settlement OptionsChoices offered by insurers on how claims will be paid out, typically actual cash value, replacement...
Lost Time InjuryA work-related injury or illness that results in the employee being unable to work for a period of t...
Lowboy TrailerA type of trailer with two drops in deck height, one right after the gooseneck and one right before ...
LTL (Less Than Truckload)Shipping mode for relatively small freight that does not require the full space of a truck. Freight ...

Maintenance RecordsDocumentation that must be maintained by carriers to prove that vehicles are regularly inspected, ma...
Maintenance ReserveAn account or fund into which a lease operator contributes money, used to pay for future maintenance...
Managed Care ProvisionHealth care services aimed at managing costs, quality, and outcomes; often integrated into occupatio...
Marine Cargo InsuranceInsurance that covers the loss or damage of cargo during sea transport, including loading and unload...
Market CyclesThe fluctuations in the insurance market characterized by periods of tight underwriting standards an...
Market ValueThe current value of a vehicle in the open market, which may differ from the actual cash value or re...
Market Value ClauseAn exclusion that denies coverage for the loss of market value of an insured item following repairs....
Marketing StrategyA plan created by an independent contractor to promote their services to potential clients, involvin...
Material Change ExclusionExcludes coverage if there is a significant change in the risk insured against which was not disclos...
Material MisrepresentationFalse or misleading statements made by an applicant for insurance that could influence an insurer's ...
Maximum Limit of LiabilityThe highest amount an insurer can be required to pay under an insurance policy, regardless of the nu...
Maximum Medical Improvement (MMI)A condition or state where an injured employee's condition has stabilized and is unlikely to improve...
Maximum Out-of-Pocket ExpenseIn health insurance, the most a policyholder will have to pay in a year for covered services, after ...
MC Number (Motor Carrier Number)An identification number issued by the FMCSA to interstate commercial vehicles for monitoring and da...
MCS-150The Motor Carrier Identification Report form that motor carriers must file with FMCSA to obtain a US...
MCS-90 EndorsementAn endorsement required by the FMCSA that guarantees the availability of funds for public liability ...
Mechanical Breakdown ExclusionExcludes coverage for losses resulting from mechanical failure or breakdown, often found in property...
Media Liability ExclusionExcludes coverage for claims arising from media-related activities, such as defamation, libel, sland...
MediationA form of alternative dispute resolution where a neutral third party helps the insurer and the insur...
Medical Case ManagementA collaborative process that facilitates recommended treatment plans to ensure appropriate medical c...
Medical ExaminationPeriodic health checks mandated by the DOT for commercial drivers to ensure they meet the physical r...
Medical Examiner’s CertificateA document that must be carried by drivers of commercial motor vehicles who meet medical requirement...
Medical Expense CoveragePart of occupational accident insurance that pays for medical treatment of work-related injuries and...
Medical Expense LimitSpecifies the maximum amount the insurer will pay for medical expenses per person in the event of an...
Medical PaymentsCoverage for medical expenses resulting from injuries sustained on your business premises or due to ...
Medical Review Board (MRB)An advisory committee that provides medical advice and recommendations to the FMCSA on medical stand...
MicroinsuranceInsurance products that offer coverage to low-income households or businesses, with low premiums and...
Mileage CapA limit on the number of miles a lease vehicle can be driven over the course of the lease term witho...
Mileage ReimbursementCompensation for the use of a personal vehicle for business purposes, based on the number of busines...
Minimum Earned PremiumThe least amount of premium that an insurer requires to provide coverage for a policy, regardless of...
Minimum PremiumThe lowest amount that an insurer will accept to write coverage, regardless of the risks associated ...
Minimum Premium Plan (MPP)A type of insurance plan where the insured pays a minimum premium amount to retain insurance coverag...
Mitigation of LossEfforts by the insured to minimize further loss after an initial incident, which can affect the sett...
Modified DutyTemporary or permanent changes made to a job assignment to accommodate an employee’s work restrict...
Mold ExclusionSpecifically excludes coverage for any claims related to mold, which can be a significant concern in...
Moral HazardThe risk that a policyholder might engage in riskier behavior knowing they have insurance coverage. ...
Motor CarrierA company that provides transportation services for transporting goods via motor vehicles such as tr...
Motor Carrier Act of 1980Federal legislation that deregulated the trucking industry, which includes provisions impacting trai...
Motor Carrier AuthorityThe authorization granted by regulatory bodies such as the Federal Motor Carrier Safety Administrati...
Motor Carrier Compliance Program (MCCP)Programs developed by state or local agencies in cooperation with the FMCSA to ensure local complian...
Motor Carrier Identification Report (MCS-150)A form that motor carriers must complete and update every two years or when there are changes to the...
Motor Carrier Safety Improvement Process (MCSIP)A system used by the FMCSA to identify motor carriers with potential safety issues for interventions...
Motor Carrier Safety RatingA rating assigned by regulatory bodies based on a carrier’s roadside inspections and crash reports...
Motor Truck Cargo InsuranceInsurance that covers the transporter for their responsibility in the event of damaged or lost freig...
Motor Truck Cargo Legal LiabilityProvides liability coverage for truckers, covering their legal responsibilities for cargo loss or da...
Multi-Modal Transport InsuranceCoverage that extends across different modes of transportation, ensuring continuous coverage as carg...
Mysterious DisappearanceCoverage for losses where the cause of disappearance cannot be determined, typically excluding theft...

Named InsuredThe individual or entity explicitly named in the insurance policy as the insured party, who has the ...
Named Insured vs. Additional InsuredDifferentiates the primary insured party explicitly named in the policy from other parties added to ...
Named PerilA hazard or event listed by name in an insurance policy as a covered risk, contrasting with exclusio...
Named PerilsSpecific dangers or risks listed in an insurance policy that are covered, as opposed to open perils ...
Named Perils CoverageInsurance that covers only the risks that are explicitly listed in the policy, such as fire, theft, ...
Named Perils LimitThe limit of coverage for specific perils named in the policy, distinct from open perils or all-risk...
National Motor Freight Classification (NMFC)A standard that provides a comparison of commodities moving in interstate, intrastate, and internati...
NegligenceFailure to exercise the care that a reasonably prudent person would exercise under similar circumsta...
NegotiatorA claims professional skilled in negotiation, responsible for settling claims with the insured or a ...
Nested FreightGoods that are stacked or placed inside one another to maximize space in transport vehicles, which c...
Net PremiumThe portion of the premium necessary to cover losses and loss adjustment expenses, excluding operati...
NetworkingThe process of interacting with others to exchange information and develop professional or social co...
New Entrant ProgramAn FMCSA initiative that requires new motor carriers to pass a safety audit and maintain acceptable ...
New Entrant Safety Assurance ProgramA program that requires new commercial motor carrier applicants to undergo an 18-month safety monito...
New Entrant Safety AuditA mandatory review of new trucking companies’ compliance with safety standards within the first 18...
New Vehicle Replacement Cost CoverageOffers the cost of a new vehicle of the same make and model if the insured vehicle is totaled, witho...
Non-Asset Based BrokerA type of freight broker who does not own their own fleet of trucks or warehousing facilities but ar...
Non-Compete AgreementAn agreement that may be part of a lease contract restricting a lease operator from working for comp...
Non-ConcurrencyA situation in insurance where two or more policies covering the same insured do not align in terms ...
Non-cumulative DeductibleA deductible structure where the deductible amount resets after each claim rather than accumulating ...
Non-cumulative LimitsA policy specification that limits do not increase with the number of occurrences or claims; each cl...
Non-Delivery InsuranceCoverage for the total loss of cargo when it does not reach its destination and is officially consid...
Non-Disclosure Agreement (NDA)A legally binding contract that keeps the independent contractor from disclosing proprietary informa...
Non-Owned Auto LiabilityCovers vehicles that are not owned by the company but are used for business purposes, such as an emp...
Non-Owned Trailer CoverageInsurance coverage for trailers that are not owned but are being operated by a motor carrier under a...
Non-Owned Vehicle CoverageInsurance coverage for vehicles that are not owned by the insured but are used in the business opera...
Non-payment of PremiumA situation where a policyholder fails to make the scheduled premium payment, potentially leading to...
Non-renewal EndorsementAn endorsement that modifies the terms under which a policy may be renewed at the end of its term.
Non-Trucking Liability (NTL) InsuranceProvides liability coverage for property damage and bodily injury caused by a truck when it is not b...
North American Standard Inspection ProgramA uniform set of safety inspection procedures used across North America by the FMCSA, Canadian, and ...
Notice of CancellationFormal notification by the insurer or the insured of intent to cancel the policy. Understanding the ...
Notice of ClaimOfficial notification given to a carrier indicating that a claim has been made against them, often r...
Notice of InjuryAn official written notification that an employee must provide to an employer as soon as possible af...
Notice of LossA formal notification required by an insurance policy that the insured must provide to the insurer i...
Notice of OccurrenceA formal notification required by an insurance policy that the insured must provide to the insurer i...
Notice of Violation (NOV)An official document issued by the FMCSA to a carrier that has been found in violation of regulation...
Nuclear Energy Liability ExclusionExcludes liability arising from nuclear radiation or contamination from any nuclear fuel or waste.
Nuclear Hazard ExclusionA clause in insurance policies that excludes damage from nuclear events and radiation, as these risk...
NVOCC (Non-Vessel Operating Common Carrier) LiabilityInsurance covering liabilities of NVOCCs who issue their own bills of lading yet do not operate the ...
NVOCC (Non-Vessel Operating Common Carrier) Operator LiabilityLiability coverage for operators who organize shipments but do not own any vessels, often acting as ...

Occupational Accident InsuranceInsurance coverage that provides benefits to employees for work-related injuries or illnesses, inclu...
Occupational DiseaseA disease arising from the conditions or environment of a specific job (e.g., black lung disease in ...
Occupational ExposureThe potential for an employee to be exposed to conditions or substances in the workplace that can ca...
Occupational Safety and Health Administration (OSHA)A federal agency charged with the enforcement of safety and health legislation.
Occurrence LimitThe most that will be paid for a single loss event under a general liability insurance policy.
Occurrence PolicyA policy covering claims that arise out of incidents occurring during the policy period, regardless ...
OEM Parts CoverageInsurance coverage that specifies the use of original equipment manufacturer (OEM) parts for repairs...
On Deck Bill of LadingSpecifies that the cargo has been stowed on the deck of the ship, which is typically more exposed to...
On-demand InsuranceCoverage that can be turned on and off on a whim by the insured using a mobile app, designed to prov...
Open Cargo PolicyA flexible and continuous insurance policy that covers all of a shipper's goods in transit within a ...
Open PolicyA cargo insurance policy that provides coverage for all shipments within a specified period, up to a...
Operating Authority (MC Number)Authorization granted to motor carriers by the FMCSA to operate as for-hire carriers, transporting p...
Operating LeaseA leasing arrangement where the lease operator typically returns the vehicle at the end of the lease...
Operating RatioA metric used by motor carriers to evaluate efficiency by comparing operating expenses to net sales;...
Operating StatusThe current status of a motor carrier’s authority to operate, which can be active, suspended, or r...
Ordinance or Law EndorsementCovers the cost of rebuilding to current building codes following a covered loss, addressing gaps wh...
Ordinary Wear and TearThe natural and inevitable deterioration of a vehicle that occurs through normal use and without neg...
Out-of-Pocket MaximumThe most a policyholder has to pay for covered services in a policy period (usually a year), after w...
Out-of-Service Criteria (OOSC)Standards used by enforcement personnel to identify conditions under which a commercial vehicle or d...
Out-of-Service OrderAn official order issued by regulatory authorities that prevents a vehicle from operating due to saf...
Overall Annual LimitA cap on the total benefits the insurer will pay in one annual period for all claims, not just per c...
Owner-OperatorA truck driver who owns and operates their own truck and business, contracting with motor carriers o...
Owner-Operator AgreementA contract specifying the terms of the relationship between an owner-operator and a motor carrier, i...
Owner-Operator Independent Drivers Association (OOIDA)An organization that might provide resources or group insurance options including non-trucking liabi...
Owner-Operator InsuranceInsurance for truck drivers who own their vehicles, covering liability and other risks specific to i...
Owner-Operator vs. Company DriverDistinction between drivers who own and operate their own trucks and those who are employed by a tru...

Packing ListA document that includes details about the cargo, including the type, quantity, and destination, use...
Paid MilesThe distance for which owner-operators are compensated by carriers or shippers, which may not includ...
Paid-Up PremiumPremiums that have been paid in full, providing coverage without requiring further premium payments,...
Partial LossA loss or damage that affects only part of the insured cargo or shipment.
Pathogen ExclusionSpecifically excludes coverage for diseases or pathogens, which has become more prominent in the wak...
Pay-As-You-Go LeasingA flexible leasing structure where payments are based on the amount of work or miles driven rather t...
Payload CapacityThe maximum weight of cargo that a vehicle can carry, as specified by the manufacturer, after accoun...
Payment GatewayA service that facilitates payments for e-commerce transactions, which independent contractors might...
Payment ScheduleThe detailed schedule of payments required under a lease, including amounts and due dates, which is ...
Payment TermsSpecific conditions under which payments are made for services rendered, typically specified in the ...
Payroll AuditAn examination of a business's payroll records by an insurer to verify exposure and ensure the prope...
Peer-to-Peer (P2P) InsuranceA model of insurance that pools premiums from a group of people with similar risks, with claims bein...
Per DiemA daily allowance for expenses that owner-operators can claim, reducing taxable income by accounting...
Per Diem RatesDaily allowances paid to drivers for meals and other expenses while on the road, often used to manag...
Per Occurrence LimitThe cap on the amount an insurer will pay for all claims arising from a single incident.
Per Unit CoverageA type of insurance policy where each unit (trailer) is insured separately under its own individual ...
Per-Claim DeductibleA deductible that applies to each individual claim rather than on an annual basis, often used in aut...
Percentage DeductibleA deductible that is calculated as a percentage of the total amount of the insured value or loss, co...
Performance and Registration Information Systems Management (PRISM)An FMCSA program designed to improve motor carrier safety by linking federal motor carrier safety da...
Performance ReviewAn evaluation of the independent contractor’s work quality, timeliness, and adherence to contract ...
PerilA specific risk or cause of loss covered by an insurance policy, such as fire, theft, or collision.
Peril-Specific CoverageInsurance that specifies a particular limit for a specific type of risk, such as "flood" or "earthqu...
Perishable Cargo CoverageInsurance for goods that can deteriorate over time or if exposed to adverse conditions, such as food...
Permanent Disability Rating (PDR)A percentage estimate of the level of disability that is directly attributed to a work-related injur...
Permanent Partial Disability (PPD)Benefits paid to an injured worker who has sustained permanent damage but can still perform some wor...
Permanent Total Disability (PTD)Benefits paid to an injured worker who is permanently and completely disabled from performing any wo...
PermittingThe process of obtaining permission from regulatory bodies to operate commercial vehicles in particu...
Personal and Advertising InjuryCoverage for injury caused by offenses such as libel, slander, false advertising, wrongful eviction,...
Personal InjuryLegal liability for injury other than bodily injury, including false arrest, detention or imprisonme...
Personal Injury EndorsementExtends liability coverage to include protection against claims of libel, slander, and invasion of p...
Personal Injury Protection (PIP)Insurance coverage that provides reimbursement for medical expenses, lost wages, and other related e...
Personal Protective Equipment (PPE)Clothing and equipment worn by employees to minimize exposure to hazards that can cause workplace in...
Pet Insurance EndorsementExtends a homeowner's liability insurance to include liability for pet-related incidents, which may ...
Pets and Animal ExclusionExcludes coverage for liability or damage associated with pets or other animals owned by the insured...
Physical Damage Claim FormA document that the insured must fill out and submit to report physical damage to a vehicle and init...
Physical Damage CoverageOften bundled with NTL, this covers damage to the truck itself when not in commercial use.
Physical InspectionThe examination of a trailer for insurance purposes to assess its condition and value, often require...
PilferageThe theft of parts of the contents of a shipment or small quantities of a shipment.
Pintle HookA type of towing hitch that uses a tow ring configuration to secure trailers to towing vehicles, oft...
Piracy CoverageInsurance protection against the seizure of a ship or cargo by pirates, which covers ransom payments...
PlacardA sign displayed on the outside of a freight vehicle indicating the presence of hazardous materials,...
PlacardingThe practice of placing placards on vehicles transporting hazardous materials, indicating the nature...
Pneumatic Braking SystemA type of braking system commonly used in heavy trucks, where compressed air is used to transmit pre...
Policy ExclusionsSpecific conditions or types of losses that the insurance policy does not cover, which can include c...
Policy ExpirationThe date when an insurance policy’s coverage ends. For bobtail insurance, understanding the expira...
Policy InclusionsSpecific risks or properties that are covered under the insurance policy.
Policy LimitThe maximum amount an insurance company will pay under a policy for a covered loss.
Policy PeriodThe duration for which an insurance policy provides coverage, from the effective start date to the e...
Policy RenewalThe process of extending the term of an insurance policy beyond its original expiration date.
PolicyholderThe individual or entity that owns an insurance policy and is entitled to coverage under the terms o...
Policyholder DividendA return of part of the premium paid by the policyholder, often issued by mutual insurance companies...
Pollution ExclusionExcludes coverage for damage caused by the release of pollutants, unless the release is sudden, acci...
Pollution LiabilityProvides coverage for claims related to environmental damage caused by pollutants released during th...
PortfolioA collection of work samples or case studies that an independent contractor uses to demonstrate thei...
Pre-Employment Screening Program (PESP)A program that allows carriers to electronically access a driver’s crash and inspection history as...
Pre-existing ConditionAny medical condition that existed prior to the issuance of an insurance policy, which can affect co...
Pre-passA system that allows participating trucks to bypass weigh stations and port-of-entry facilities usin...
Predictive ModelingThe use of data, statistical algorithms, and machine learning techniques to identify the likelihood ...
Premises LiabilityInsurance coverage that protects against losses incurred due to injuries or property damage sustaine...
PremiumThe amount paid by the insured to the insurance company in exchange for insurance coverage, typicall...
Premium AdjustmentThe modification of the premium based on the actual exposure, which can occur at the end of the poli...
Premium Adjustment EndorsementAn endorsement that allows for premium adjustments based on changes in exposure, risk, or other fact...
Premium AllocationThe process of distributing the cost of an insurance premium across various departments or divisions...
Premium AuditThe process conducted by an insurance company to verify exposure and ensure that the correct premium...
Premium CalculationThe method used by insurers to determine the price of insurance coverage, based on the likelihood of...
Premium Deficiency ReserveA reserve that an insurer must set up if it expects future premiums and existing reserves to be insu...
Premium DiscountA reduction in the standard premium rate, provided by insurers as an incentive for large volume or p...
Premium FinancingA service that allows the policyholder to pay the insurance premium through loans from a third party...
Premium ModeThe frequency with which a policyholder pays the premium (e.g., monthly, quarterly, semi-annually, a...
Premium ReceiptA document issued by an insurer acknowledging receipt of premium payment, serving as proof of the tr...
Premium SubsidyA financial aid offered by a government or other organization that reduces the cost of premiums for ...
Premium TrendsPatterns or changes in the cost of insurance premiums over time, influenced by factors like market d...
Premium-Deductible Trade-OffThe relationship between the deductible amount and the premium cost, where a higher deductible gener...
Premium-to-Deductible RatioA comparison of the premium amount against the deductible amount, which can help policyholders decid...
Preventive MaintenanceRegular and systematic inspection, cleaning, and repair of equipment and facilities to prevent unexp...
Primary Liability InsuranceThe main auto liability coverage that protects against injuries or damage to other people or propert...
PrincipalThe original sum of money borrowed in a loan, or the amount still owed on a loan, separate from inte...
Pro Rata CancellationThe termination of an insurance policy by the insurer with the return of a premium amount that is pr...
Pro-rated PremiumAn adjusted premium amount calculated based on the actual number of days a policy is in effect, whic...
Products LiabilityProvides defense and damages for liability arising out of the insured’s products, including faulty...
Products-Completed OperationsProvides liability coverage for damages caused by products your business manufactures or sells, or o...
Professional CertificationCredentials that demonstrate an independent contractor’s expertise and qualifications in a specifi...
Professional Liability InsuranceInsurance that protects professionals, including independent contractors, against claims of negligen...
Professional Services ExclusionTypically found in general liability policies, this excludes coverage for claims arising out of the ...
Project Cargo InsuranceCoverage for oversized, heavy, high value, or critical pieces of equipment transported for specific ...
Project DeadlineThe specified date by which the independent contractor must complete the project or deliverables as ...
Project MilestoneA significant point or event in the project timeline used to measure the progress of the project, wh...
Proof of Delivery (POD)A document required from the carrier to confirm that a shipment was delivered. The POD is often used...
Proof of LossA formal statement provided by the policyholder to the insurer detailing the extent and circumstance...
Property DamageInsurance coverage that pertains to damage or destruction of buildings, vehicles, and other physical...
Property Damage LiabilityProvides protection against damage your business operations may cause to another person's property.
Proportional PremiumA premium amount calculated based on the percentage of time the truck is expected to be used for non...
Provisional CoverageTemporary coverage issued prior to the finalization of a policy, often provided through a binder.
Punitive DamagesDamages that are awarded to punish the defendant for egregious misconduct and to deter future simila...

Quarterly IFTA ReportA report filed four times a year by owner-operators who drive in multiple states, detailing the amou...
Quarterly TaxesEstimated tax payments made quarterly by owner-operators, as they typically do not have taxes withhe...
Quick Pay OptionsPayment terms offered by freight brokers to carriers that provide expedited payments in exchange for...

Racing ExclusionCommon in auto insurance, this excludes coverage for accidents that occur while the vehicle is used ...
Rate ClassA category used in insurance underwriting to indicate the risk level of a policyholder, affecting th...
Rate ConfirmationA document that confirms the rate to be paid for a particular load, serving as an agreement between ...
Rate on Line (ROL)The amount of premium charged for a specific amount of insurance coverage, reflecting the expected c...
Rate Per MileThe charge applied by motor carriers for transporting goods, calculated per mile of transport.
Record of Duty Status (RODS)Logs that drivers must keep, detailing their service hours, rest periods, and other activities; thes...
RecoveryThe amount recovered by an insurance company from a third party responsible for causing damage to th...
Recovery LimitThe maximum amount an insurer can recover from a third party responsible for a loss, often relevant ...
ReeferA refrigerated trailer used by motor carriers to transport perishable goods at controlled temperatur...
Reefer BreakdownCoverage for loss or damage to cargo resulting from the breakdown of refrigeration equipment.
Reefer Breakdown CoverageInsurance coverage for loss or damage to cargo resulting from the breakdown of refrigeration equipme...
Reefer FuelSpecial fuel used for the operation of refrigerated trailers, which is essential for owner-operators...
RegTechTechnology that helps companies comply with regulations efficiently and at a lower cost, including i...
Regulatory ChangesModifications or updates in laws and regulations that govern the insurance industry, affecting how c...
Rehabilitation BenefitsCoverage for physical and vocational rehabilitation services to help injured workers recover and ret...
ReinstatementThe restoration of a canceled or lapsed policy under the original terms, following the policyholder'...
Reinstatement ClauseA clause in insurance policies that allows previously lapsed coverage to be reinstated under certain...
Reinstatement PremiumAn additional premium paid to restore the original policy limits after they have been exhausted by c...
ReinsuranceThe practice whereby an insurer transfers part of its risk portfolio to other parties by some form o...
Reinsurance Retention LimitThe limit up to which an insurance company will accept responsibility for a risk, with any excess be...
Rejection CoverageInsurance that covers the risk of cargo being rejected by the consignee or government authorities du...
Release ValueA value agreed upon in a transportation contract that limits the carrier's liability for loss or dam...
RenewalThe process of extending an insurance policy beyond its original term, which may involve reassessmen...
Renewal PremiumThe premium amount charged to renew an insurance policy, which can change based on claims history, r...
Renewal TermsConditions under which an insurance policy may be renewed, including adjustments in premiums or cove...
Rental ReimbursementProvides for the cost of renting a vehicle while the insured vehicle is being repaired or replaced d...
Repairable Total LossA situation where a vehicle is technically considered a total loss but can be repaired. The cost of ...
Replacement CostThe amount it would take to replace the damaged or stolen vehicle with a similar one without deducti...
Replacement Cost CoverageInsurance that pays for the replacement of the insured trailer with a new one of like kind and quali...
Repossession RightsRights reserved by the lessor to take back the leased vehicle if the lease operator fails to meet th...
RescissionThe cancellation of a policy back to its effective date, rendering the contract as if it never exist...
ReserveAn amount of money set aside by an insurance company to cover future claims payments.
Reserve LimitThe amount of money set aside by an insurance company to cover anticipated claims under a specific p...
Residual ValueThe estimated value of an asset at the end of its lease term or useful life, significant in determin...
Restoration of LimitsA feature in some policies where limits that have been exhausted by claims are restored to their ori...
Retainer FeeA payment made to an independent contractor to secure their availability for work before it is neede...
Retroactive DateIn claims-made policies, the date after which covered events must occur to be eligible for coverage....
Return on Investment (ROI)A measure used to evaluate the efficiency of an investment, calculated by dividing the benefit (retu...
Return PremiumA partial refund given when the actual risk insured or the amount of coverage required is less than ...
Return-to-Work ProgramA program designed to help injured workers transition back to their original or modified job duties....
Revenue Per MileThe amount of money a lease operator earns per mile driven, a critical metric for assessing the prof...
RiderSimilar to an endorsement, a rider adds, modifies, or excludes coverage in an insurance policy, typi...
Risk AnalysisThe process of identifying and assessing the potential risks affecting a business, crucial for effec...
Risk AssessmentThe process of identifying potential risks in advance, analyzing them, and taking precautionary step...
Risk ControlStrategies implemented to minimize the potential for losses, including identifying, evaluating, and ...
Risk FinancingThe process of identifying and obtaining funds to cover the costs of risk, including retained losses...
Risk ManagementThe process of identifying, assessing, and controlling threats to an organization's capital and earn...
Risk MitigationActions taken to reduce the severity or likelihood of a risk, often by implementing control measures...
Risk PoolingThe practice of grouping multiple risks together to reduce the impact of individual risks, a common ...
Risk RetentionThe amount of risk that the policyholder retains, which can be influenced by the level of the deduct...
Risk Retention GroupA liability insurance company created and owned by its members to assume and spread liability risks ...
Risk TransferShifting the risk of a loss from one party to another, typically through insurance, contractual agre...
Roadside EnforcementThe practice of monitoring and inspecting commercial vehicles and drivers on highways to enforce com...
Roadside InspectionAn examination of individual commercial motor vehicles and drivers by a state or federal inspector t...
Rolling PolicyA type of open policy in cargo insurance that automatically covers all shipments within the terms of...
Root Cause AnalysisA method used to determine the underlying cause of a fault or problem, which is used in the investig...

SAFER SystemThe Safety and Fitness Electronic Records system maintained by the FMCSA, which provides safety perf...
Safety AuditAn examination of a motor carrier’s operation to ensure compliance with FMCSA regulations and to i...
Safety Audit FailureOccurs when a motor carrier does not meet the required standards in a safety audit, potentially lead...
Safety ComplianceAdherence to safety regulations that can minimize accidents and injuries, impacting liability insura...
Safety Compliance ChecksInspections or audits conducted to ensure that the leased vehicle and operator comply with transport...
Safety Fitness Determination (SFD)An evaluation by the FMCSA to determine if a motor carrier meets the required safety and fitness sta...
Safety Fitness RatingAn evaluation given to a motor carrier by the FMCSA that indicates the carrier’s safety record and...
Safety Incentive ProgramsPrograms designed to motivate and reward employees for adhering to workplace safety practices.
Safety Management Cycle (SMC)A methodology used by the FMCSA to identify and address safety and compliance issues within six key ...
Safety Measurement System (SMS)A system used by the FMCSA to monitor companies' safety performance and compliance, using data from ...
Safety PlanA detailed plan developed by a motor carrier to address safety concerns and compliance with federal ...
Safety ProgramA structured plan implemented by an employer to prevent accidents and promote safety in the workplac...
Safety RatingAn evaluation given to a motor carrier by the FMCSA that indicates the carrier’s safety record and...
Salvage ChargesCosts associated with recovering any salvageable cargo after a covered loss and minimizing further d...
Salvage CostsExpenses related to recovering any property that can be saved from a cargo loss and minimizing furth...
Salvage TitleA legal certification issued for a vehicle that has been damaged and declared a total loss, then lat...
SCAC (Standard Carrier Alpha Code)A unique two-to-four-letter code used to identify transportation companies, particularly in freight ...
Scheduled Items EndorsementAdds specific coverage for high-value items listed by the policyholder, often with appraised values ...
Scheduled VehicleA vehicle listed by VIN or other identifier on a policy that details the coverages specifically appl...
Scope of Work (SOW)A document that outlines the objectives, deliverables, and timeline of the project that an independe...
Seal IntegrityThe assurance that the seal on a shipping container has not been broken during transit, maintaining ...
Seal TamperingInsurance coverage for losses stemming from the tampering of seals on shipping containers, indicatin...
Seasonal CoverageAdjustments to an insurance policy to provide different levels of coverage based on seasonal use of ...
Self-EmployedThe state of working for oneself as a business owner or an independent contractor rather than for an...
Self-Employment TaxThe tax that independent contractors must pay to the federal government that covers their Social Sec...
Self-Inflicted Injury ExclusionExcludes coverage for injuries that the insured intentionally inflicts upon themselves.
Self-InsuranceA risk management strategy where the entity assumes the financial risk of loss instead of transferri...
Semi-TrailerA type of trailer without a front axle that is typically used for carrying goods, supported at its f...
Service AgreementPart of the lease that outlines maintenance and repair services provided by the lessor, detailing wh...
SettlementThe resolution of a claim, involving the payment from the insurer to the insured or a third party un...
Settlement AgreementA legal agreement between an injured worker and an insurer (or employer) to resolve a workers' compe...
Settlement StatementA document detailing the payment transactions between a motor carrier and an owner-operator, includi...
Settlements and NegotiationsThe process where the insured and the insurer, or a third party, agree on the amount of compensation...
Severability of Interests ClauseTreats each insured as a separate entity in the insurance policy, allowing for coverage to apply ind...
Severity of InjuryA classification used to measure the impact of a work-related injury based on the extent of harm it ...
Sharing EconomyEconomic activity involving online platforms where people share access to goods or services, includi...
ShipperThe person or company who is the originator of the shipment of goods, responsible for initiating a c...
Shipper's Interest Insurance
Short-Term DisabilityA benefit offering temporary compensation to employees who are unable to work due to a non-work rela...
Single Interest InsuranceInsurance coverage that protects only the policyholder’s financial interest in the insured item, n...
Single Transit InsuranceCovers a single shipment of goods from one location to another, tailored for occasional shippers rat...
Skill DevelopmentThe ongoing process of learning and improving professional skills, essential for independent contrac...
SkirtPanels fitted to the sides of semi-trailers to reduce aerodynamic drag and improve fuel efficiency.
Sleeper CabA compartment attached to the cab of a truck where the driver can rest or sleep during long trips.
Sliding Tandem AxleAn adjustable axle configuration that allows the position of the trailer wheels to be moved, helping...
Sole ProprietorshipThe simplest business structure in which there is no legal distinction between the company and the i...
SolvencyThe ability of a company to meet its long-term financial obligations, crucial for evaluating the fin...
Sonic Bang ExclusionExcludes damage caused by pressure waves from aircraft traveling at or above the speed of sound.
Special Drawing Rights (SDR)An international type of monetary reserve currency created by the International Monetary Fund, which...
Special Form PolicyAn insurance form that provides coverage for all risks except those specifically excluded.
Specific Location ExclusionDenies coverage for events that occur at specific locations not covered under the policy, such as ce...
Specified Disease ExclusionIn health insurance, excludes coverage for specific diseases or medical conditions that are named in...
Speculative Risk ExclusionExcludes coverage for risks that are speculative in nature, meaning there is a possibility of gain a...
Split DeductibleA deductible structure where different amounts apply depending on the type of loss or damage. For ex...
Split LimitsAn insurance policy feature where different coverage limits are specified for different components o...
State FilingsDocuments required by individual states proving that a trucker has the appropriate non-trucking liab...
State RequirementsRefers to the minimum amount of primary liability insurance that must be carried by truck operators,...
Stated AmountThe maximum amount an insurer will pay for a loss, based on the value of the vehicle as agreed upon ...
Stated Amount InsuranceCoverage where the policyholder and insurer agree on the value of the trailer at the policy's incept...
Statutory BenefitsBenefits that are required by state law, typically under workers' compensation, which may overlap or...
Step-Rate PremiumA premium that increases over time according to a predefined schedule, often used in life insurance ...
Stock Throughput Policy (STP)A comprehensive policy that covers goods from the point of origin to the final destination, covering...
Stop Gap CoverageProvides employer’s liability insurance for work-related injuries and diseases not covered under a...
Stop Gap EndorsementAn endorsement to a liability insurance policy that provides employers’ liability coverage under t...
Stop-Loss InsuranceInsurance designed to protect insurers or self-insured employers from sudden, large claims by kickin...
Strikes, Riots, and Civil Commotion (SRCC) CoverageInsures against losses caused by strikes, riots, or other civil disturbances that could damage cargo...
Structured SettlementAn arrangement made through an annuity which provides the injured party with regular payments over a...
Sub-LimitA limit within a policy that caps the amount payable for a specific type of loss or expense, which i...
SubcontractorAn individual or business that signs a contract to perform part or all of the obligations of another...
SubleaseThe act of leasing the contracted vehicle to another operator, which is usually restricted or regula...
SubrogationThe right for an insurer to pursue a third party that caused an insurance loss to the insured.
Subrogation RightsThe insurer’s right to pursue a third party that caused an insurance loss to the insured, which is...
Subrogation WaiverAn agreement in which the policyholder waives the right of their insurer to pursue subrogation again...
Substance Abuse Professional (SAP)A certified professional who evaluates employees who have violated a DOT drug and alcohol program re...
Sue and Labor ClauseA provision in marine and cargo insurance policies that covers reasonable expenses incurred by the i...
Suicide ExclusionTypically found in life insurance policies, it excludes coverage if the insured commits suicide with...
Supplemental Extended Reporting Period (SERP)An additional option for extended reporting that can be purchased if the standard ERP does not provi...
Supplemental LimitsAdditional amounts that may be payable under certain conditions or for specific coverages beyond the...
SurchargeAn additional charge added to the premium by the insurer, usually due to higher risk associated with...
Surety BondsA contract among at least three parties that obligates the surety (guarantor) to pay a second party ...
Surrender ChargeA fee charged to a policyholder when a life insurance policy or annuity is surrendered for its cash ...
SurveyorAn expert who assesses the condition of cargo and the extent of damage, often employed by insurance ...
Survivor BenefitsFinancial benefits that are extended to the spouse and children of a deceased employee who died due ...
Sustainable InsuranceInsurance products and practices that consider environmental, social, and governance (ESG) criteria ...

Table RatingA method used to adjust standard premium rates based on specific risk factors such as the health con...
Tag and Title ServicesServices provided by the leasing company or required as part of the lease agreement to handle vehicl...
Tag AxleAn auxiliary axle positioned behind the drive axle of a truck or tractor, which can be lowered to su...
Tail CoverageInsurance that extends liability protection for claims made after a policy has expired, particularly...
Tandem AxleA group of two or more axles situated close together on a vehicle, designed to support heavier loads...
Tanker EndorsementA certification required for drivers who haul large volumes of liquid or gaseous materials, allowing...
Target PremiumThe premium level an insurer aims to achieve on a policy to make it profitable, influenced by the po...
TariffA published schedule listing the rates, charges, and rules of transportation companies.
Tarping FeeA charge for the service of covering a load with tarps, essential for protecting certain types of ca...
TelematicsTechnology used to monitor vehicle movement, speed, and driver behavior, increasingly used by insure...
Temperature Controlled GoodsItems such as food, pharmaceuticals, and chemicals that require specific temperature conditions duri...
Temporary DisabilityA classification of an injury that an employee is expected to recover from, allowing them to return ...
Temporary LimitsLimits that are in effect for a certain period of time, often used in short-term or event-based poli...
Temporary Total Disability (TTD)Benefits paid to an injured worker who is temporarily unable to work at all due to a work-related in...
Tenant’s Legal LiabilityCovers damage to property leased or rented by the insured, such as office spaces or warehouses used ...
Tendering a LoadThe process where a shipper offers a load to a freight broker or directly to a carrier for transport...
Terminal CoverageInsurance that covers trailers stored at specified terminals or yards, including coverage for non-co...
Terminal Rental Adjustment Clause (TRAC) LeaseA lease commonly used for commercial vehicles where the lease operator has the option to purchase th...
Terrorism ExclusionExcludes coverage for acts of terrorism, unless the policyholder purchases specific coverage, which ...
Terrorism Insurance EndorsementAdds coverage for losses due to acts of terrorism, which are typically excluded from standard commer...
Third-Party Administrator (TPA)An organization that processes claims and performs other administrative tasks associated with the ma...
Third-Party InsuranceLiability insurance purchased by the insured (first party) from an insurer (second party) for protec...
Third-Party Over ActionClaims filed by an injured worker’s employer, alleging that a third party’s negligence contribut...
Through Bill of LadingA single bill of lading covering receipt, transportation, and delivery of goods across multiple carr...
Tiered DeductiblesDifferent levels of deductibles that apply depending on the type of claim or the circumstances under...
Time Element CoverageInsurance that covers losses related to the time it takes to recover from a cargo loss, such as lost...
Tire Inflation SystemsAutomated systems that help maintain optimal tire pressure, enhancing fuel efficiency and safety; im...
Tort LawArea of law that deals with civil wrongs, such as accidents leading to injury or property damage, wh...
Total Cost of Risk (TCOR)A financial measure that includes all costs related to the identification, evaluation, and treatment...
Total Insurable Value (TIV)The total value of all the assets and earnings potential an insurer considers when underwriting a po...
Total LossA situation in which the cargo is completely destroyed or lost, or the cost of salvaging or repairin...
Total Loss ThresholdThe percentage of damage a vehicle must sustain for it to be declared a total loss by an insurance c...
Towing and Labor CoverageInsurance that covers the cost of towing a damaged trailer and the labor to repair it.
Towing and StorageInsurance coverage that reimburses for expenses incurred in towing and storing a vehicle following a...
Towing CoveragePays for towing and labor costs if a truck is disabled due to a covered physical damage event.
TractorA powerful motor vehicle designed primarily to pull trailers in commercial trucking operations.
Trade AssociationAn organization founded and funded by businesses that operate in a specific industry, providing reso...
Trailer Interchange AgreementA contract that allows different trucking companies to use interchange trailers for transport of loa...
Trailer Interchange InsuranceCoverage that protects against physical damage to trailers being pulled under a trailer interchange ...
Trailer Interchange NumberA unique identifier assigned to a trailer interchange agreement, used to track and manage interchang...
Transfer of Rights of Recovery Against Others to Us (Subrogation Clause)A provision in insurance policies that transfers all rights of recovery from the insured to the insu...
Transit CoverageInsurance that protects goods from loss or damage during transportation from one location to another...
Transportation LawThe body of law governing the transportation of goods, including contracts, loss and damage claims, ...
Transportation Management System (TMS)Software used by freight brokers to plan, execute, and optimize the shipment of goods, including too...
Transportation Safety Exchange (TSX)An organization that conducts comprehensive reviews and ratings of carriers to ensure compliance and...
Transportation Worker Identification Credential (TWIC)A credential required by the TSA and U.S. Coast Guard for workers who need access to secure areas of...
TransshipmentThe transfer of cargo from one vessel or vehicle to another during the journey from origin to destin...
Trip PermitA temporary permit required for trucks operating outside of their licensed jurisdictions or beyond t...
Trip Transit InsuranceInsurance covering individual shipments on a single-trip basis, as opposed to policies covering all ...
Truck FinancingFinancial services that provide funding to lease operators who wish to purchase a truck, often avail...
Truck ScaleA large set of scales used for weighing trucks to ensure compliance with vehicle weight regulations,...
Truck Stop Electrification (TSE)Facilities that provide power to trucks at rest stops, allowing drivers to operate heating, cooling,...
Truck UtilizationA measure of how effectively a motor carrier uses its trucks, typically evaluated based on mileage, ...
Trucking Permits and EndorsementsRegulatory approvals necessary for operating commercial trucks, which can influence the terms and ne...
Trucking TariffsRegulatory fees or taxes imposed on certain types of trucking operations, which can affect insurance...
Turn-In ConditionsConditions outlined in a lease agreement specifying how a truck must be returned at the end of the l...

Umbrella Liability PolicyProvides additional coverage above the limits of a general liability policy and other types of liabi...
UnderinsuranceA condition in which the limits of insurance are insufficient to cover the full value or potential l...
Underinsurance PenaltyA penalty that may apply when an insured has not purchased enough insurance coverage to meet the pol...
Underinsured Motorist CoverageProtection for a policyholder involved in an accident where the other party is at fault and does not...
UnderwriterThe insurance professional responsible for evaluating the risk and determining the policy terms for ...
UnderwritingThe process by which insurers evaluate the risk of insuring a particular employer or job class based...
Underwriting AutomationThe use of automated systems to assess risk and determine premiums, often employing algorithms and p...
Underwriting ConsiderationsFactors that insurers evaluate when determining rates and acceptability for physical damage insuranc...
Underwriting GuidelinesThe criteria set by insurers for accepting, pricing, and covering specific risks, crucial for determ...
Underwriting ProfitThe profit an insurer gains after paying out claims and administrative expenses, distinct from inves...
Unearned PremiumThe portion of the premium that has not yet been "earned" by the insurer, representing the remaining...
Unified Carrier Registration (UCR) SystemA federally mandated system that requires individuals and companies that operate commercial motor ve...
Unladen InsuranceInsurance coverage for when a truck is operated without carrying cargo or pulling a trailer, typical...
Unladen LiabilityA broader term than bobtail, covering the truck whenever it is not carrying cargo, regardless of whe...
Unladen WeightThe weight of the vehicle when it is not carrying any goods, passengers, or other items, important f...
Unscheduled VehicleVehicles not specifically itemized in an insurance policy but still covered under blanket terms and ...
Usage-based Insurance (UBI)Insurance based on vehicle use, measured against time, distance, behavior, and place, gaining popula...
USDOT Biennial UpdateA requirement for all entities under FMCSA jurisdiction to update their information every two years,...
USDOT ComplianceAdherence to regulations set forth by the U.S. Department of Transportation, covering various aspect...
USDOT Compliance ReviewAn examination conducted by the FMCSA to ensure that a motor carrier complies with all applicable DO...
USDOT PhysicalPhysical examinations that drivers must pass to receive a medical certificate, which they must carry...
Utilization ReviewA health care service review to evaluate the necessity, appropriateness, and efficiency of the use o...

Valuation ClauseA provision in an insurance policy that specifies the method for determining the value of the insure...
Value at RiskThe maximum potential loss on cargo under an insurance policy, important for determining appropriate...
Valued PolicyAn insurance policy that agrees to pay the full insured amount of the cargo in case of a total loss,...
Vanishing DeductibleA feature in some insurance policies, particularly auto insurance, where the deductible decreases ov...
Variable ExpensesCosts that vary directly with the level of production or sales volume, such as raw materials costs a...
Variable LeaseA lease structure where payments may fluctuate based on mileage, maintenance costs, or other operati...
Variable LimitsPolicy limits that can change based on the insurer’s assessment of risk at the time of policy rene...
Variable RateA payment structure where the independent contractor’s fees vary based on the scope of work, proje...
Vehicle Identification Number (VIN) InspectionA physical inspection of a commercial vehicle’s VIN to verify that the vehicle is correctly identi...
Vehicle InspectionA review of a truck’s condition by an insurer before issuing physical damage coverage to ascertain...
Vehicle MaintenanceRegular and necessary upkeep required to ensure the safe and efficient operation of a truck, typical...
Vehicle Maintenance RegulationsFMCSA rules that require commercial vehicles to be regularly inspected, maintained, and repaired to ...
Vehicle Marking RequirementThe requirement that commercial vehicles display USDOT numbers and other identifying information on ...
Vehicle Out-of-Service (OOS) CriteriaStandards established by the FMCSA and CVSA that determine when a vehicle is too unsafe to be operat...
Vehicle Routing SoftwareSoftware used by owner-operators to plan the most efficient routes based on multiple factors, such a...
Vehicle Series RatingAn assessment method that categorizes different makes and models of vehicles based on their historic...
Vehicle Upgrade OptionsOptions for lease operators to upgrade their vehicle during the term of the lease, typically subject...
Ventilated CargoGoods that require specific air circulation requirements during transit, potentially requiring speci...
Vicarious LiabilityLegal responsibility assigned to one party for the actions of another, relevant in situations where ...
VIN (Vehicle Identification Number)A unique code including a serial number used by the automotive industry to identify individual motor...
Vocational ExpertA professional who assesses the employment capabilities of an injured worker, often involved in dete...
Vocational RehabilitationServices that help an injured worker regain skills or learn new skills necessary to return to the wo...
Volcanic Eruption ExclusionExcludes damage caused by volcanic eruption, other than ensuing loss from volcanic ash, which might ...
Voluntary CompensationAn endorsement providing workers' compensation benefits on a voluntary basis to employees not requir...
Voluntary Safety ProgramsPrograms such as the Compliance, Safety, Accountability (CSA) program that allow carriers to volunta...

Waiting PeriodThe time an injured employee must wait after an injury before benefits become payable.
WaiverAn official document that grants a carrier or driver temporary relief from a specific FMCSA regulati...
Waiver of DeductibleAn agreement in the insurance policy that under certain conditions, the deductible may be waived by ...
Waiver of PremiumA provision in some insurance policies that relieves the policyholder of the obligation to pay premi...
Waiver of SubrogationA clause in which the insured waives the right of their insurance company to recover the amount of a...
Waiver of Subrogation EndorsementA clause in which the insurer waives its right to recover the amount it pays on a claim from a third...
Walk-Away LeaseA lease agreement that allows the lease operator to terminate the lease at any time without financia...
War Exclusion ClauseA provision in many insurance policies that excludes coverage for acts of war, including invasion, i...
War Risk InsuranceAdditional coverage for losses caused by war-related activities such as invasion, insurrection, or h...
War Risk Insurance ExclusionSpecific to some commercial and travel insurance policies, it excludes losses due to war and similar...
Warehouse Legal LiabilityProtects warehouse operators against claims for damage or loss of goods while in their care, custody...
Warehouse ReceiptA receipt issued by a warehouse manager that acknowledges receipt of goods stored in the warehouse.
Warehouse to Warehouse ClauseA provision in cargo insurance policies that extends coverage from the time goods leave the warehous...
Warranty CoverageInformation about what components of the leased truck are covered under a manufacturer’s or extend...
Water Backup EndorsementProvides coverage for damage from water backup through sewers or drains, which is not covered under ...
Water Damage ExclusionOften excludes certain types of water damage, such as flooding or sewer backups, unless additional c...
Wear and TearExclusion common in property and auto insurance policies that denies coverage for damage that result...
Wear and Tear ExclusionA clause in an insurance policy that excludes coverage for damage that results from normal usage and...
Wear and Tear StandardsGuidelines established in a lease agreement that define acceptable wear and tear on the vehicle to a...
Wearable TechnologyDevices worn by consumers that collect data on health or activity levels, potentially used in life a...
Weight Mile TaxA tax imposed on commercial vehicles, calculated based on the weight of the vehicle and the distance...
Weight TicketA document that provides the weight of a vehicle and its cargo, used to comply with weight regulatio...
Whistleblower ProtectionProtections provided to employees who report violations of safety regulations, ensuring they are not...
Work HardeningA rehabilitation process that helps injured workers regain their skills through a progressively grad...
Work-for-HireA legal term found in U.S. copyright law that specifies that the work created by an independent cont...
Workers' Compensation
Workplace ErgonomicsThe study and design of work environments to maximize productivity by reducing operator fatigue and ...
Workplace Safety RegulationsStandards and laws set by authorities to ensure that workplaces meet minimum safety and health requi...
Workplace Wellness ProgramsPrograms aimed at improving the health and well-being of employees, reducing overall health-related ...
Worldwide CoverageInsurance coverage that applies to incidents that occur anywhere in the world, typically under condi...
Wrap-Up InsuranceA consolidated insurance program that includes coverage for all contractors and subcontractors invol...
Written PremiumThe total amount of premium for all policies written by an insurer during a specified period, regard...

Yard JockeyA person who manages the organization of trailers in the truck yard, including moving and parking tr...
Yard ManagementThe process of overseeing the operations within a trucking terminal or warehouse yard, including the...
Yard MoveAn allowance under the ELD rules that permits truck drivers to move their vehicles in a truck yard w...
Yearly Renewable Term (YRT)A policy that is guaranteed renewable each year without proof of insurability, but with premiums tha...
Yield LossLosses incurred during the handling or transportation of bulk materials, where the quantity delivere...
Yield ManagementThe process of strategically setting or adjusting lease rates to maximize profitability, often used ...

Z PlateA special license plate issued to trucks that are authorized to operate within specific areas, often...
Zero Deductible PolicyAn insurance policy where no deductible is applied in the event of a claim, meaning the insurer cove...
Zero Down LeaseA lease option that does not require an upfront payment or down payment, often attractive to new ope...
Zero-Emission Vehicles (ZEV)Vehicles that emit no tailpipe pollutants from the onboard source of power, an emerging area of inte...