Transportation attorney Robert Moseley sees insurers neglecting to charge premium for an exposure they incur when they write policies for interstate motor carriers for hire.
"One of the things that insurance companies typically don't account for–and don't charge premium for–is the exposure under the MCS-90," said Mr. Moseley, who heads the transportation industry group of Smith Moore Leatherwood in Greenville, S.C. He explained that the MCS-90 is basically the surety bond that is filed with the Federal Motor Carrier Safety Administration, a division of the U.S. Department of Transportation.
That bond is not subject to policy conditions and terms, he said–explaining, for instance, that when the form is attached to a motor-carrier insurance policy, it would respond to pay an accident claim caused by an unscheduled vehicle.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
