Minimum Levels of Insurance for Motor Carriers
As discussed in my previous entry, the Federal Motor Carrier Safety Administration requires certain motor carriers to maintain specific amounts of insurance coverage. Federal Motor Carrier Safety Regulation §387.9 details the financial responsibility and minimum levels of insurance.
The minimum levels of financial responsibility referred to in Federal Motor Carrier Safety Regulation §387.7 of this subpart are hereby prescribed as follows:
(1) For–hire (In interstate or foreign commerce, with a gross vehicle weight rating of 10,001 or more pounds). Property (nonhazardous). $750,000.00;
(2) For–hire and Private (In interstate, foreign, or intrastate commerce, with a gross vehicle weight rating of 10,001 or more pounds). Hazardous substances, as defined in 49 CFR 171.8 transported in cargo tanks, portable tanks, or hopper-type vehicles with capacities in excess of 3,500 water gallons; or in bulk Division 1.1, 1.2, and 1.3 materials, Division 2.3, Hazard Zone A, or Division 6.1, Packing Group I, Hazard Zone A material; in bulk Division 2.1 or 2.2; or highway route controlled quantities of a Class 7 material, as defined in 49 CFR §173.403. $5,000,000.00.
(3) For–hire and Private (In interstate or foreign commerce: in any quantity; or in intrastate commerce, in bulk only; with a gross vehicle weight rating of 10,001 or more pounds) Oil listed in 49 CFR 172.101; hazardous waste, hazardous materials and hazardous substances defined in 49 CFR 171.8 and listed in 49 CFR 172.101, but not mentioned in (2) above or (4) below. $1,000,000.00.
(4) For–hire and Private (In interstate or foreign commerce, with a gross vehicle weight rating of less than 10,000 pounds). Any quantity of Division 1.1, 1.2, or 1.3 material; any quantity of Division 2.3, Hazard Zone A, or Division 6.1, Packing Group I, Hazard Zone A material; or highway route controlled quantities of a Class 7 material as defined in 49 CFR 173.403. $5,000,000.00.
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