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Trucking Companies and Financial Responsibility

Trucking Companies and Financial Responsibility

In Florida, truck drivers and trucking companies-otherwise known as motor carriers of property-are required to meet a minimum standard of financial responsibility. This includes insurance policies, surety bonds and endorsements that are listed in part 387.7 of the regulations set forth by the Federal Motor Carrier Safety Administration (FMCSA).

These minimum standards provide financial protection in the event of a Florida truck accident. To learn what is required by federal law, and how it affects your Florida truck claim, you can the professional help of an Orlando truck accident lawyer.

What is required by federal law?

According to the FMCSA, trucking companies must maintain proof of the required financial responsibility at their principal place of business. The proof should consist of:

  • Endorsement(s) for Motor Carrier Policies of Insurance for Public Liability Under Sections 29 and 30 of the Motor Carrier Act of 1980 (Form MCS-90) issued by an insurer(s);
  • A Motor Carrier Surety Bond for Public Liability Under Section 30 of the Motor Carrier Act of 1980 (Form MCS-82) issued by a surety; or
  • A written decision, order, or authorization of the Federal Motor Carrier Safety Administration authorizing a motor carrier to self-insure under 387.309, provided the motor carrier maintains a satisfactory safety rating as determined by the Federal Motor Carrier Safety Administration.

These policies of insurance, surety bonds, and endorsements should remain in effect continuously until they are terminated. If there is to be any cancellation by either the insurer or the insured, one party must give 35 days notice in writing to the other.

Additional Compliances

As of December 2009, motor carriers of property are required to:

  • Produce proof of the required minimum levels of financial responsibility for review, upon reasonable request by a member of the public;
  • File evidence of the minimum levels of financial responsibility with the FMCSA; and
  • All vehicles operated within the United States by motor carriers domiciled in a contiguous foreign country, must have on board the vehicle a legible copy, in English, of the proof of the required financial responsibility

Contacting a Florida Truck Accident Lawyer

As the victim of a truck accident, you will be directly impacted by the involved trucking company’s adherence to the minimum levels of financial responsibility. Because of this, your attorney will investigate the amount of insurance carried by the truck driver and the trucking company to pursue all available avenues of compensation for your truck accident injuries.

Trucking companies can be held liable for a truck accident in Central Florida if it can be proven that they were negligent in: the hiring of the truck’s driver; ensuring proper licensure; entrusting the truck driver with the truck; and/or maintenance or proper equipping of the truck. A lot can be at stake for the trucking company if they are fault.

If you, or your loved one, have been injured in a truck accident in Central Florida, it would be in your best interest to contact an experienced Florida truck accident lawyer who will protect your rights. Florida has a statute of limitations that may prohibit you from filing a lawsuit if too much time has passed. Call now to schedule a FREE evaluation of your case -1-863-533-5525