49 C.F.R. § 387.303 Security for the protection of the public: Minimum limits.
Title 49 - Transportation
Title 49: Transportation
PART 387—MINIMUM LEVELS OF FINANCIAL RESPONSIBILITY FOR MOTOR CARRIERS
Subpart C—Surety Bonds and Policies of Insurance for Motor Carriers and Property Brokers
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§ 387.303 Security for the protection of the public: Minimum limits.
(a) Definitions. (1) Primary security means public liability coverage provided by the insurance or surety company responsible for the first dollar of coverage.
(2) Excess security means public liability coverage above the primary security, or above any additional underlying security, up to and including the required minimum limits set forth in paragraph (b)(2) of this section.
(b)(1) Motor carriers subject to §387.301(a)(1) are required to have security for the required minimum limits as follows:
(i) Small freight vehicles:
------------------------------------------------------------------------ Transportation Minimum Kind of equipment provided limits------------------------------------------------------------------------Fleet including only vehicles under Commodities not $300,000 10,000 pounds GVWR. subject to § 387.303(b)(2).------------------------------------------------------------------------
Kind of Equipment------------------------------------------------------------------------ Effective dates ------------------------- Vehicle seating capacity Nov. 19, Nov. 19, 1983 1985------------------------------------------------------------------------(1) Any vehicle with a seating capacity of 16 $2,500,000 $5,000,000 passengers or more...........................(2) Any vehicle with a seating capacity of 15 750,000 1,500,000 passengers or less...........................------------------------------------------------------------------------
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(2) Motor carriers subject to §387.301(a)(2) are required to have security for the required minimum limits as follows:
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---------------------------------------------------------------------------------------------------------------- July 1, July 1, Kind of equipment Commodity transported 1983* 1984*----------------------------------------------------------------------------------------------------------------(a) Freight Vehicles of 10,001 Pounds or Property (non-hazardous).................... $500,000 $750,000 More GVWR.(b) Freight Vehicles of 10,001 Pounds or Hazardous substances, as defined in § 1,000,000 5,000,000 More GVWR. 171.8, transported in cargo tanks, portable tanks, or hopper-type vehicles with capacities in excess of 3,500 water gallons, or in bulk Class A or B explosives, poison gas (Poison A) liquefied compressed gas or compressed gas, or highway route controlled quantity radioactive materials as defined in § 173.455.(c) Freight Vehicles of 10,001 Pounds or Oil listed in § 172.101; hazardous 500,000 1,000,000 More GVWR. waste, hazardous materials and hazardous substances defined in § 171.8 and listed in § 172.101, but not mentioned in (b) above or (d) below.(d) Freight Vehicles Under 10,001 Pounds Any quantity of Class A or B explosives; any 1,000,000 5,000,000 GVWR. quantity of poison gas (Poison A); or highway route controlled quantity radioactive materials as defined in § 173.455.----------------------------------------------------------------------------------------------------------------*Note: The effective date of the current required minimum limit in § 387.303(b)(2) was January 6, 1983, in accordance with the requirements of Pub. L. 97-424, 96 Stat. 2097.
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(3) Motor carriers subject to the minimum limits governed by this section, which are also subject to Department of Transportation limits requirements, are at no time required to have security for more than the required minimum limits established by the Secretary of Transportation in the applicable provisions of 49 CFR Part 387—Minimum Levels of Financial Responsibility for Motor Carriers.
(4) Foreign motor carriers and foreign motor private carriers. Foreign motor carriers and foreign motor private carriers (Mexican), subject to the requirements of 49 U.S.C. 13902(c) and 49 CFR part 368 regarding obtaining certificates of registration from the FMCSA, must meet our minimum financial responsibility requirements by obtaining insurance coverage, in the required amounts, for periods of 24 hours or longer, from insurance or surety companies, that meet the requirements of 49 CFR 387.315. These carriers must have available for inspection, in each vehicle operating in the United States, copies of the following documents:
(i) The certificate of registration;
(ii) The required insurance endorsement (Form MCS–90); and
(iii) An insurance identification card, binder, or other document issued by an authorized insurer which specifies both the effective date and the expiration date of the insurance coverage.
Notwithstanding the provisions of §387.301(a)(1), the filing of evidence of insurance is not required as a condition to the issuance of a certificate of registration. Further, the reference to continuous coverage at §387.313(a)(6) and the reference to cancellation notice at §387.313(d) are not applicable to these carriers.
(c) Motor common carriers: Cargo liability. Security required to compensate shippers or consignees for loss or damage to property belonging to shippers or consignees and coming into the possession of motor carriers in connection with their transportation service, (1) for loss of or damage to property carried on any one motor vehicle—$5,000, (2) for less of or damage to or aggregate of losses or damages of or to property occurring at any one time and place—$10,000.
[47 FR 55944, Dec. 14, 1982, as amended at 48 FR 43333, Sept. 23, 1983; 48 FR 45775, Oct. 7, 1983; 48 FR 51780, Nov. 14, 1983; 49 FR 1991, Jan. 17, 1984; 49 FR 27767, July 6, 1984; 50 FR 40030, Oct. 1, 1985; 53 FR 36984, Sept. 23, 1988; 54 FR 52034, Dec. 20, 1989; 55 FR 47338, Nov. 13, 1990; 62 FR 49941, Sept. 24, 1997; 67 FR 61824, Oct. 2, 2002; 68 FR 56198, Sept. 30, 2003]
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