The Federal Motor Carrier Safety Administration (FMCSA), a U.S. Department of Transportation division that regulates interstate trucking, is considering making commercial trucking companies raise the minimum amount of insurance coverage they must have as interstate carriers.
The $750,000 minimum insurance under federal law has not changed in 30 years. However, most truckers actually carry liability policies of $1 million, according to the trucking and insurance industries.
Responding to a section of a 2012 federal transportation bill passed by Congress, the FMCSA in November asked the public whether the $750,000 minimum liability insurance for trucks is sufficient. By the close of the comment period on Feb. 26, more than 2,100 comments had been submitted—mainly from truck owners or operators and attorneys.
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
