TORONTO, Ont. – Markel Insurance Company of Canada has announced the launch of FUELogic.
FUELogic provides trucking operators the confidence that their businesses are protected from unpredictable fuel price increases.
“The recent high volatility in diesel prices poses cash flow challenges for carriers of any size. In fact, large increases in fuel prices has been a primary cause for recent consolidation and bankruptcies among Canadian owner/operators and small fleets,” says Mark Ram, president and CEO of Markel. “Markel FUELogic was developed to eliminate that volatility. In essence, a participating carrier can now operate with the peace of mind that unpredictable increases in fuel prices will no longer be a threat to their business.”
Markel FUELogic provides carriers with the opportunity to lock in the maximum price they choose to pay for fuel. Should market prices for fuel exceed the level chosen by the carrier, the program reimburses the difference back to that carrier. If fuel market prices fall below the pre-determined level, the carrier automatically benefits from those lower prices.
The program offers three pre-determined price points, thus providing options that best fit a carrier’s unique budget, consumption patterns and financial needs.
Under this program, no special record keeping is required by the carrier, as all reimbursements are calculated within the program and refunds are issued automatically on a monthly basis. Furthermore, participants of the program have no requirement to change any aspect of their current fuel consumption patterns, including amounts purchased or fuel suppliers used.
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