If your company operates either interstate or even inter-country (say Mexico to Canada) the FMCSA has strict guidelines that must be observed and are strongly enforced. These especially apply to carriers and broker who haul or deal with the transporting of hazardous materials (regardless if they cross state in international lines). The FMCSA actually mandates higher insurance premiums for these organizations to better prove their financial responsibility.
Source: www.truckwriters.com
As with anything there are several ways to prove your financial responsibility. These include:
- The purchase liability insurance (equipment and cargo).
- The need to purchase special surety bonds.
There are special insurance requirements even for those carriers that are not transporting dangerous material but rather non-hazardous freight. Your company will need a minimum of $750,000 worth of liability insurance when you truck weight is over 10,001 pounds, and of course if you travel across state and international boundaries.
Source: www.blogspot.com
