A battle is shaping up between insurers, truckers and plaintiff's lawyers over a dog that has been sleeping for a long while—minimum insurance requirements for cargo trucks.
The insurance minimum for cargo trucks has remained at $750,000 since 1980, when the industry was deregulated. The Federal Motor Carrier Safety Administration (FMCSA) has unilateral authority under the 1980 law to raise the standard.
While trial lawyers and large truckers are putting pressure on the FMSCA to raise the minimum, the insurance industry contends the marketplace should set the rates.
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