Truck Owners May Face Two Million Dollar Minimum Insurance Requirement
USA- Freightwaves.com writes that lawmakers introduced a new amendment addressing transportation infrastructure which includes a requirement that truck owners carry $2 million in insurance. The current minimum policy for truck owners is $750,000, meaning the new law, if passed by the House and Senate, would more than double the mandatory coverage.*
The House Transportation & Infrastructure Committee passed the bill this week, and it will now head to the House for a vote before going to Senate. Those in favor of the law state that the coverage carried by many truck companies fails to adequately cover losses for victims who are involved in crashes with large trucks.
Many also oppose the bill stating that it will be too costly for small business owners to afford coverage.
Crashes involving large trucks killed 4,136 people in America in 2018. The majority of the victims are people who were in passenger cars. While 67 percent of the individuals killed were occupants of vehicles that were in wrecks with trucks, and another fifteen percent were pedestrians, bicyclists, and motorcyclists, only sixteen percent of those killed were people in the trucks.
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