Insurance and Reserves
Occupational Accident / Workers' Compensation: TCS requires that all single unit owner operators provide either occupational accident insurance or workers’ compensation insurance to cover their operations for TCS. Owner operators can meet this requirement through one of the following three options:
- Obtaining occupational accident insurance coverage through Zurich American Insurance Company (“Zurich”) in a program facilitated by TCS.
- Obtaining occupational accident insurance coverage that meets TCS’s minimum requirements through a source other than Zurich (See below for Minimum Requirements).
- Obtaining workers’ compensation insurance coverage that meets TCS’s minimum requirements. (See below for Minimum Requirements).
All Multiple Unit owner operators must have Worker’s Compensation insurance for the state of operation or obtain the coverage through Triple Crown using Zurich. The cost of this insurance varies by location.
Personal Insurance: Triple Crown has arranged a medical, prescription, dental, and vision benefits program for all owner/operators and multi-unit contract drivers. This program is administered by a third party. Rates currently are as low as $36.04 per week for single coverage.
Non-Trucking Liability coverage is available from Triple Crown currently at $7.38 per week.
Physical-damage insurance is also available at 4.88% of the stated value of the tractor. It does include tow coverage and has a declining deductible as well!
The Reserve Fund is similar to a security deposit and is used to offset any possible debits the owner operator has incurred at the time of termination. The contractual requirement is $3000.00 with a minimum weekly commission statement deduction of $50.00. Interest is paid quarterly on this fund based on an interest rate equal to the U.S. Treasury Bill rate. TCS will provide an accounting of the Reserve Fund.