The Dept. of Transportation (DOT) has issued a notice of content to consider an increase in the minimum insurance requirement for motor carriers. The Federal Motor Carrier Safety Administration (FMCSA) also is considering extending financial responsibility requirements to private motor carriers.
In an April 2014 report to Congress, FMCSA said it would develop a rule that would increase the minimum liability insurance level above the current $750,000 for property carriers and might impose a financial responsibility requirement on private motor carriers. The agency has determined that the current financial responsibility minimums are not adequate to fully cover the costs of some crashes in light of increased medical costs and DOT’s revised value of statistical life estimates.
However, in June, the House opposed DOT and FMCSA adopting an increase in minimum liability insurance levels.
Congress has adopted a continuing resolution funding the government through Dec. 11, which means the details of DOT funding will be settled during a post-election lame duck session as part of a long-term appropriations bill. That bill will resolve a couple of major issues of interest to trucking – which include minimum insurance liabilities.
