GLOSSARY OF TRUCKING INDUSTRY TERMS

24 Hour Funding – Factoring companies offer cash advances in 24 hrs

Advance – Cash payment issued prior to freight service completed

Authority – License to operate trucks on national highways

Back Haul – Term used to describe long haul truck returning home w/ freight

Bill of Lading – Paperwork used to transfer liability from shipper to consignee via carrier

Broker – Title used for anyone who arranges shipment of freight for a fee.

Cargo Insurance – Insurance used by carriers to insure cargo during shipment

Common Carrier – Authority to haul freight under filed contracts

Contingent Cargo Insurance – Insurance secured by broker as 2nd policy

Contract Carrier – Authority to haul freight under negotiated contracts

Factoring – Transaction of advance payment for invoices generated

Financing – Secured financial agreement with lender for equipment or property

Freight Bills – Invoices generated for services of shipping freight

Heavy Haul – Term used for truck/freight combinations over 80,000 lbs

Large Fleets – Carriers with over 25 power units

Liability Insurance – Insurance used by carrier to insure against property damage or accident during shipment, other than freight damage

LTL – Abbreviation for Less Than Truck Load

Mid Fleets – Carriers with more than 10 and less than 25 power units

On-line Credit Checking – credit checks offered through internet

On-line Reporting – Service of offering reporting through internet

Owner Operator – Term used to describe driver who owns truck, possesses authority, and is in business for himself or leased to another carrier

PC Milemaker – Computerized version of highway mileage guide

Permits – Temporary license to haul oversize freight on highways

Rand McNally Mileage Guide – Mileage guide of all us highways

Signed Bill of Lading – After delivery of freight, consignee signs bill of lading acknowledging carrier has performed duties properly

Small Fleets – Carriers with 1 or less than 10 power units

TL – Abbreviation for Truck Load

Toll Roads – US highways & byways that require payment before access