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TRUCKING INSURANCE * USA: FMCSA's
* DC - US regulators poll public on need for higher trucking insurance
Washington,DC,USA -JOC, by William B. Cassidy - Dec 01, 2014: -- Plans to raise the minimum insurance coverage U.S. trucking companies must maintain to operate could affect hundreds of thousands of trucking companies, large and small, and their shipper customers. However, those plans are likely to proceed slowly, given the current political climate on Capitol Hill and industry opposition to higher minimum levels... Since 1985, that minimum has been $750,000 for interstate general freight motor carriers and between $1 million and $5 million for various types of hazardous-materials haulers... Higher minimum insurance levels and rates could be “a death nail” for many small companies, according to the Owner-Operator Independent Drivers Association. The American Trucking Associations also opposes raising the requirements, arguing that higher minimum insurance levels are not necessary because very few crash payments exceed current minimums. An ATA study of Insurance Services Office data found that 83 percent of trucking insurance policies are written to cover $1 million in bodily injury and property damage claims... However, the Trucking Alliance, a lobbying group formed by several large trucking and logistics companies, conducted a study that found 42 percent of claims settlements in almost 9,000 accidents were above the $750,000 threshold... In an April 2014 report to Congress, the Department of Transportation agency said catastrophic crashes requiring insurance payments that exceed current minimum levels comprise less than 1 percent of all commercial vehicle crashes, but the minimums are too low to cover the cost of the worst crashes...
Labels: trucking insurances
posted by Unknown @ 12:01 PM
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