FMCSA Initiates Rulemaking Process to Update the Financial Responsibility of Commercial Carriers and Better Protect the Public

The Federal Motor Carrier Safety Administration has reported to Congress that current financial responsibility minimums for the commercial motor vehicle industry are inadequate to meet the costs of some crashes. The agency’s report to Congress was required in the most recent transportation bill and includes findings from a recent study that weighed the benefits of increasing insurance minimums, including improved compensation for crash victims and reductions in commercial vehicle crashes, against costs imposed on commercial motor vehicle operators and the insurance industry. The analysis shows that while catastrophic motor carrier crashes are rare, the costs for resulting severe and critical injuries can exceed $1 million. Current insurance limits do not adequately cover these costs, which are primarily due to increases in medical expenses and other crash-related costs. The agency has formed a rulemaking team to further evaluate the appropriate level of financial responsibility for the motor carrier industry. MAP-21 requires FMCSA to issue a report every four years on financial responsibility requirements. The Report to Congress can be viewed on the FMCSA website. 

 

Source: FMCSA News

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s