Tips for Financial Responsibility and Truck Insurance Information
These tips coming from the US Department of Transportation.Reference: Part 387 Minimum levels of financial responsibility for motor carriers
Overview: The training module is designed to educate the executive staff of motor carrier companies on the FMCSA regulation on the minimum levels of necessary financial responsibility
Purpose: The purpose of these regulations is to create incentives for motor carriers to maintain and operate their vehicles in a safe manner and to maintain an appropriate level of financial responsibility.
Applicability:
Motor carriers operating motor vehicles transporting hazardous materials, hazardous substances or hazardous wastes. For-hire motor carriers operating motor vehicles transporting property in interstate or foreign commerce. For-Hire motor carriers transporting passengers in interstate or foreign commerce. Private motor carriers domiciled in Mexico transporting property in interstate or foreign commerce.
Financial Responsibility: Having insurance policies or surety bonds sufficient to satisfy the minimum public liability requirements { Royalty Truck Insurance can provide you with both. You can receive a quote online http://royaltytruckinsurance.com/?id=truck-insurance-quote or call us at Toll Free: 1-866-989-8998
Public Liability: Public Liability means liability for bodily injury, property damage and environmental restoration.
Environmental Restoration: Environmental Restoration means restitution for the loss, damage, or destruction of natural resources arising out of an accidental discharge of toxic or other environmentally harmful materials or liquids
Definitions of terms relating to FMCSA financial responsibility regulations can be seen at:
http://www.fmcsa.dot.gov/rulesregs/fmcsr/regs/387.5.htm
and/or
http://www.fmcsa.dot.gov/rulesregs/fmcsr/regs/387.29.htm
Requirements: Motor carriers must have at least the minimum amount of insurance required by law. A list of the minimum requirements can be seen at:
http://www.fmcsa.dot.gov/rulesregs/fmcsr/regs/387.9.htm
and/or
http://www.fmcsa.dot.gov/rulesregs/fmcsr/regs/387.33.htm
Proof: Proof of financial responsibility shall be maintained at the motor carrier’s principle place of business. All vehicles operating in the U.S. must have a legible copy of the proof of the required financial responsibility. All motor vehicle in which there is no evidence of financial responsibility shall be denied entry into the U.S.
Examples of Proof:
Form MCS-90
Form MCS-82
Form MCS-90B
Form MCS- 82B
For more information or clarification please call Royalty Truck Insurance 1-866-989-8998
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