Interstate transportation companies are required to follow Federal and State governmental laws by carrying specific limits of coverage for bodily injury, property damage, and environmental restoration on their trucking insurance policy. Depending on the type of trucking business you have, the amount of public liability insurance required will vary.
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.
The company's base state may also have specific insurance requirements that need to be followed, even if the company does not do interstate transports. It is a wise idea to contact an insurance agent that knows the laws in regards to trucking insurance coverage before you purchase a policy. Then you can ensure that you have the types and amounts of coverage that are required.
In addition to the above, trucks must have a minimum level of cargo insurance coverage of $5,000. Most companies that you are transporting for will require at lease $100,000, despite the minimal requirement.
A filing with the FMCSA will be made by the insurance provider, not agent, after the company has purchased an insurance policy. Within 20 days an insurance filing must be made for authority with the FMCSA on trucks that are being leased or owned.
To avoid any fines or tickets it is important to understand what the insurance requirements are for all parties involved. By doing so it will be a lot easier to purchase a trucking insurance policy that will protect the company and its investments.
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. - 15790
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.
The company's base state may also have specific insurance requirements that need to be followed, even if the company does not do interstate transports. It is a wise idea to contact an insurance agent that knows the laws in regards to trucking insurance coverage before you purchase a policy. Then you can ensure that you have the types and amounts of coverage that are required.
In addition to the above, trucks must have a minimum level of cargo insurance coverage of $5,000. Most companies that you are transporting for will require at lease $100,000, despite the minimal requirement.
A filing with the FMCSA will be made by the insurance provider, not agent, after the company has purchased an insurance policy. Within 20 days an insurance filing must be made for authority with the FMCSA on trucks that are being leased or owned.
To avoid any fines or tickets it is important to understand what the insurance requirements are for all parties involved. By doing so it will be a lot easier to purchase a trucking insurance policy that will protect the company and its investments.
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. - 15790
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Steve Turner will be able to give you any details that have in regards to Trucking Insurance liability. Trucking Insurance Liability Steve Turner will assist you to comprehend the requirements you have to meet to acquire and be safe using Trucking Insurance coverage. Trucking Insurance Requirements