The Federal Motor Carrier Safety Administration announced Nov. 26 it is seeking trucking industry input on a potential rulemaking that would increase the $750,000 minimum amount of liability insurance motor carriers must have.
The agency published an Advanced Notice of Proposed Rulemaking in the Federal Register Nov. 26. The ANPRM is only a solicitation for input from the public and from industry stakeholders and is not a proposed rule intended to increase the amount current minimum. The agency did not propose a number in the ANPRM.
FMCSA says in the notice it would also consider with the potential rulemaking current regulations regarding self-insurance.
FMCSA published a report in April saying that if the current minimum, which was set in the 1980s, had kept up with inflation, it would be nearly $2 million today. And if it had kept up with a measure of inflation relative to medical costs, it would be closer to $4 million, according to FMCSA’s report.
Trucking groups — like the American Trucking Associations and the Owner-Operator Independent Drivers Association — maintain that only 1 percent of claims in truck-involved crashes exceeds the current minimum.
Check back next week for more on the proposal.