Specific amounts of public liability limits for bodily injury, property damage, and environmental restorations are required by Federal and State law to be carried on a transportation company's trucking insurance policy. The amount that they are required to carry will depend on their business operations.
The amount of public liability insurance coverage that a company must have depends on the truck's GVW and type of cargo. Trucks weighing less than 10,000 pounds need to have at least $300,000 of coverage, and trucks over 10,000 GVW require $750,000. If the company is transporting a liquid hazardous material, such as gasoline, then the minimal limit is $5,000,000.
$5,000 of cargo insurance is also required. However, many companies that will have you transport their goods have their own requirement of at least $100,000 of cargo insurance.
Besides the coverage required by the FMCSA, the company's home state will also have regulations in regards to trucking insurance. It is smart to contact an insurance agent that has experience with the trucking insurance options and requirements.
The insurance provider, not the agent, will file the necessary forms with the FMCSA after a policy has been purchased. The truck must be being leased or purchased to obtain authority from the FMCSA to make an insurance filing.
Companies should be sure that they are meeting the requirements of the FMCSA, their home state, and the companies they are transporting for. This will help them to not get any fines or tickets or be at unnecessary financial risk.
Contact an insurance broker with any questions or concerns. Brokers have experience determining the type and amount of trucking insurance coverage that transportation companies need. - 20605
The amount of public liability insurance coverage that a company must have depends on the truck's GVW and type of cargo. Trucks weighing less than 10,000 pounds need to have at least $300,000 of coverage, and trucks over 10,000 GVW require $750,000. If the company is transporting a liquid hazardous material, such as gasoline, then the minimal limit is $5,000,000.
$5,000 of cargo insurance is also required. However, many companies that will have you transport their goods have their own requirement of at least $100,000 of cargo insurance.
Besides the coverage required by the FMCSA, the company's home state will also have regulations in regards to trucking insurance. It is smart to contact an insurance agent that has experience with the trucking insurance options and requirements.
The insurance provider, not the agent, will file the necessary forms with the FMCSA after a policy has been purchased. The truck must be being leased or purchased to obtain authority from the FMCSA to make an insurance filing.
Companies should be sure that they are meeting the requirements of the FMCSA, their home state, and the companies they are transporting for. This will help them to not get any fines or tickets or be at unnecessary financial risk.
Contact an insurance broker with any questions or concerns. Brokers have experience determining the type and amount of trucking insurance coverage that transportation companies need. - 20605
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Steve Turner will be able to give you any details that need in regards to Trucking Insurance liability. Trucking Insurance Liability Steve Turner will assist you to understand the requirements you need to meet to obtain and be secure using Trucking Insurance coverage. Trucking Insurance Requirements
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