|
|
Truck Insurance Requirements
The truck insurance requirements for trucking businesses will vary depending on the type of work that they do. Such transportation businesses are required to file for Public Liability Insurance coverage. For commercial vehicles or trucks weighing over 10,000 pounds bodily injury and property damage insurance must be kept current.
The type and amount of cargo being transported will have an affect on the level of Public Liability Insurance coverage that is required. Freight trucks will have to carry anywhere from $750,000 to $5 million depending on the cargo. Passenger vehicles may be required to carry up to $5 million based upon the number of people being transported.
Increasing the amounts and types of coverage on their insurance policy will allow transportation companies to have additional financial security. The addition of cargo coverage will help to pay for damages or losses resulting to the cargo up to a specific amount.
Motor carriers, brokers, and freight forwarders have to file a Unified Carrier Registration application. Hazardous Materials Registration Statements must be maintained if any hazardous materials are being transported.
The Federal Motor Carrier Safety Association or FMCSA requires the auditing of specific items during the first 18 months of operation. These include driver qualifications, vehicle maintenance, testing for controlled substance and alcohol use, driver duty status, and accident registration.
Compliance with the regulations of the FMCSA is vital. Failure to do so could result in the company losing their registration for trucking authority and make the company be classified as inactive or out of service.
If a business is labeled as out of service by the FMCSA but still continues to transport they are in violation of federal regulations. Doing so will place the business and driver at risk for detention, suspensions, monetary fines, or even civil and criminal charges.
About the Author Steve Turner has a lot of skill with helping drivers to find sufficient Truck Insurance coverage. Truck Insurance Coverage Steve Turner is able to make sure that drivers receive the cheapest price for their Truck Insurance policy because he works with many competitive insurance providers. Truck Insurance Prices
|
 |
Please Rate: |
|
Rating: |
 Processing ... |
(Average: Not rated) |
| Views: | 21 | |
|
| More Articles from Insurance | | |
| Top Articles in Insurance | | |
|
