The New Jersey Department of Banking and Insurance published a bulletin informing insurers of the new minimum limits of liability insurance required of commercial motor vehicles. P.L.2023, c. 276 (the Act) was signed into law on January 16, 2024, and increased the minimum liability coverage that must be carried by commercial motor vehicles and autocabs (taxis) that are registered or principally garaged in New Jersey. 

For commercial motor vehicles with a gross vehicle weight rating of 10,001 pounds or more, but not more than 26,001, the required minimum limit of liability insurance coverage is increased to $300,000. For commercial motor vehicles with a gross vehicle weight rating of 26,001 pounds or more, the required minimum limit of liability insurance coverage is increased to $1,500,000. These limits are available for bodily injury to one or more persons and property damage in any one accident for which the insured is liable; it is a combined single limit. 

The Department advises that an insured can satisfy the new minimum limits in a number of ways. The insured can use a: commercial auto insurance policy, fleet insurance policy, commercial umbrella insurance policy, commercial excess insurance policy, or any combination of the above to meet the requirements. Insurers that offer both commercial motor vehicle and excess coverage policies can use a combination of both to meet the minimum limits. If an insurer doesn't offer excess coverage, they must have a form filed with the $1.5 million limit. Insurers and producers should inform policyholders of the new minimum limits.