Motorcoach

FMCSA: Current financial responsibility minimums are inadequate

Posted on April 21, 2014

The Federal Motor Carrier Safety Administration (FMCSA) 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 FMCSA 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. To view the report, click here.

View comments or post a comment on this story. (0 Comments)

More News

Trailways Transportation System deploys Betterez Microsite

Will use system to automate their Trailways Affiliated Partner program registration and payment processes.

FMCSA seeks comment on military driver pilot project

The three-year pilot program would allow a limited number of individuals between the ages of 18 and 21 to operate commercial motor vehicles in interstate commerce while in military service .

UMA to host first International Driver Competition

Will be held at the 2017 UMA Motorcoach EXPO in St. Louis on Feb. 28, 2017. The winner will receive a cash prize, trophy, framed certificate and recognition at UMA National Headquarters.

MCI adds Syncron parts management solution

The cloud-based solution will act as a single interface, incorporating data from multiple sources, and provide the MCI team complete visibility into where repairs are occurring, what parts need to be ordered and trends and predictions for future issues.

IMG names Operator of the Year, new leadership

Real Boissonneault, president of Quebec’s Autocar Excellence, received the award at the group's Strategic Alliance Meeting in Norfolk, Va.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close