Anyone who would like to provide information or commentary for the Federal Motor Carrier Safety Administration (FMCSA) to consider as it looks to raise the minimum level of financial responsibility has until February 26, 2015, to give input.
The Federal Motor Carrier Safety Administration (FMCSA) is seeking comment from the public, liability insurance providers, motor carriers, brokers, and freight forwarders on the safety and financial impact of raising minimum levels of financial responsibility.
The federal government requires motor carriers to maintain certain levels of financial responsibility, either through insurance, a bond, or other financial security, in order to protect the public in the event of a crash.
An April 2014 report to Congress said that although catastrophic motor carrier crashes are rare, the resulting severe and critical injuries can cost $1 million or more. FMCSA says current insurance limits do not adequately cover those costs.
To help it propose changes to insurance rules and to estimate the future effects of those rules, FMCSA is seeking information from the public.
FMCSA asks commenters to provide data in support of their responses if possible.
The agency noted it recognizes that commenters may choose to respond to all of the issues involved.
Click here for a copy of the Advance Notice of Proposed Rule Making and instructions for submitting comments, as it appeared in the Federal Register. Comments will accepted through February 26, 2015.
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