FMCSA proposes increased insurance limits for trucking companies

Several high-profile crashes involving trucks and large buses have been in the news recently with severe injuries and horrific damage. Since 2012, the Federal Motor Carrier Safety Administration (FMCSA) has been tasked with studying the situation and recommending changes to the financial responsibility requirements for each category of carrier. In an April 2014 report to Congress, FMCSA concluded that the current insurance minimums are inadequate to cover the actual costs of some crashes.

[Related article: DOT Report Calls for Higher Minimum Motor Carrier Limits; Market Impact Examined]

In preparation for developing its recommendations, FMCSA announced on Nov. 28 that it is planning to propose new regulations that would increase the minimum levels of financial responsibility for motor carriers, including liability coverage for bodily injury or property damage. The proposed regulations also would establish financial responsibility requirements for passenger carrier brokers; implement financial responsibility requirements for brokers and freight forwarders; and revise existing rules concerning self-insurance and trip insurance.

The notice contains 26 questions broken out into topic areas that the FMCSA is seeking information about:

• Premium rates
• Current minimum levels of financial responsibility
• Impacts of increasing the minimum level of insurance
• Compensation
• Information sources
• Timelines
• BMC 84 and 85 filers (trust fund providers)
• Trip insurance, bus brokers and self-insurance

Comments from the public are invited and will be accepted through Feb. 26, 2015. You can submit comments online, by mail, or by hand delivery. The Advanced Notice of Proposed Rulemaking includes directions for how to submit the commits and the acceptable formats. If you're going to comment, FMCSA asks that you provide data in support of your responses. By using the online link, you'll also be able to see other comments that have been submitted.