The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, fleets looking for excess insurance coverage are paying handsomely for it — if they can even find it. Plus, Landstar sees good times ahead, Waymo plans to test autonomous vehicles in the last mile, and Nikola breaks ground on a new manufacturing plant.
If you want excess insurance, you will pay for it
Many fleets turn to excess insurance to provide additional protection against claims beyond what primary insurance covers, but the excess insurance market is becoming unattainable for some. As nuclear verdicts have grown, insurers willing to provide this additional coverage are doing so at significant cost and that has some fleets turning away from the market.
Jack Glenn has more on this story: Excess insurance seemingly unattainable thanks to rising rates
Landstar sees favorable quarter ahead
After dismal results due to the pandemic, Landstar System believes it is turning the corner. In its second-quarter earnings call, the company said third-quarter revenue should be between $885 million and $935 million and earnings per share in the range of $1.11 to $1.17, up from 63 cents in the second quarter.
Todd Maiden dives deeper into the company’s financials: Landstar turning the corner, guidance reinstated
Waymo takes autonomous testing the last mile
Waymo and its vehicle partner Fiat Chrysler Automobiles plan to take the next step in their autonomous vehicle journey: commercial vans. The companies will begin to test autonomous cargo vans and light commercial vehicles, targeting the last-mile delivery segment.
Vishnu Rajamanickam has the details: Fiat Chrysler and Waymo to make commercial self-driving vehicles
Nikola announces “pilot” plant to bring electric trucks to market
Nikola Corp. doesn’t have a production vehicle yet, but it continues to make news. The company broke ground on a new manufacturing plant Thursday, but it also announced a “pilot” plant that would build a few vehicles at a time but accelerate the time frame for getting electric trucks into the market.
Alan Adler has more on this, and why America may see a cabover truck soon: Nikola pilot plant to speed electric truck production
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Did you miss this?
Demand for logistics real estate has held firm through the COVID-19 pandemic, and is even accelerating, says Prologis, a real estate investment trust. Lease proposals are rising as space remains tight.
Todd Maiden has more on what Prologis says about the market: Prologis sees market for logistics space turn corner from pandemic
Hammer down, everyone.