Motorists of all types are usually required by state laws to carry some form of automotive insurance, but for truckers, the minimum requirements of coverage are established by the Federal Motor Carrier Association (FMCA). In addition to the limits and extensions of a policy, the FMCA has also outlined the specific forms, such as a BMC-91 or BMC91X, which must be supplied as proof of coverage. There are several reasons why those providing motor transport for cargo must carry liability insurance.
Trucking Transport Liabilities
There are many types of commercial trucking insurance, as there is a range of liabilities present with the industry. According to the experts at American Team Managers, these are some of the more common trucking liabilities, although the truck driver may not always be the responsible party:
- Bodily harm with passengers in another vehicle in the event of an at-fault accident
- Death of another motorist through negligence or an accident
- Cargo damage during transit or during loading/unloading activities
- Property damage due to an accident
- Theft or fraud concerning cargo or truck cab
Whether the trucker is an owner-operator or they are working for a motor carrier, insurance coverage is required and with good reason. The expenses associated with a liability concern resulting from an accident can be devastating to a small business or larger corporation. Insurance coverage helps defray these costs.