It has been over 30 years since the minimum insurance requirement for commercial trucks has seen an increase. The policy minimum of $750,000 has remained unchanged since the 1980s.
Raising the limits for insurance on commercial trucks is an acknowledgment of the terrible personal loss that is often the result of a collision with a large commercial truck.
“Safe Haul” H. R. 2730
U.S. Representative Matt Cartwright has proposed a bill to adjust the minimums to account for medical care inflation. The Trucking Alliance has voiced his support for this legislation. In a review of 8,692 settlements paid for collisions since 2007, the Trucking Alliance found that 42% represented an uninsured liability.
Increasing the minimum to a more reasonable compensation amount for the catastrophic injuries caused by these crashes may assist victims in covering medical costs. The new bill proposes raising the minimum to $4.4 million.
Making trucking safer
In addition to the compensation piece of this legislation, trucking companies will need to ensure safety in order to reduce their insurance premiums. A trucking company with a poor track record with respect to collisions would face higher premiums.
This would allow companies who work hard to enjoy an economical advantage over those who are negligent with regard to safety.
Not everyone agrees
Some trucking organizations have doubts about the accuracy of the survey by The Trucking Alliance. They point to the small sampling and informal nature of the survey. Analysis of the insurance standard is ongoing as mandated by current laws.
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A collision with a commercial truck can be devastating. The minimum of $750,000 can be quickly depleted by medical costs in just a few months.
In Florida, a victim facing what may be months of medical care may want to seek information from a Tampa truck accident lawyer. Call the law offices of Abrahamson & Uiterwyk at 1-800-753-5203 for a free initial consultation and case evaluation.