Archived Trucking News
Is the current amount of “financial responsibility”— liability insurance, essentially — for carriers too low?
[related-post id="108115"/]That’s a question the Federal Motor Carrier Safety Administration has been grappling with since an April-issued report by the agency concluded, yes, the amount is insufficient and that many crashes run well above the current $750,000 minimum.
Trucking groups like the American Trucking Associations and the Owner-Operator Independent Drivers Associations, however, contend that just 1 percent of all trucking-related crashes exceed the minimum, therefore making it impractical to impose an increase and the probable burden of increased premiums on motor carriers.
As part of a potential rulemaking to increase the minimum, the agency published Nov. 26 a list of 26 questions it hopes to have answered by carriers – both fleets and owner-operators.
[related-post id="107397"/]The agency published the questions as an Advanced Notice of Proposed Rulemaking, aimed at gathering industry input on the issue before proceeding with any rulemaking.
Carriers have until Feb. 26 to offer their formal input on the regulations.gov portal (click here to submit your comment), but here are some of the topics and questions the agency is seeking trucking’s input on:
-What are the current rates for carriers currently? And how do they vary based on FMCSA’s safety ratings?
By James Jaillet