Bill to Increase Carrier Insurance Reintroduced

Apr 18, 2021 at 06:39 AM CST
In 1980, Congress established $750,000 as the minimum insurance requirement for motor carriers to "ensure public safety and to measure the financial fitness and responsibility of a motor carrier company entering the business." Over the past four decades, the cost of living rose by more than 200%, and the per capita health expenditure jumped from about $1,000 to approximately $12,000. Insurance minimums haven't kept up. That's where the INSURANCE Act would come in in order to adjust those rates to be in-line with current inflation rates.

Apr 18, 2021 at 06:39 AM CST

In 1980, Congress established $750,000 as the minimum insurance requirement for motor carriers to "ensure public safety and to measure the financial fitness and responsibility of a motor carrier company entering the business." Over the past four decades, the cost of living rose by more than 200%, and the per capita health expenditure jumped from about $1,000 to approximately $12,000. Insurance minimums haven't kept up. That's where the INSURANCE Act would come in in order to adjust those rates to be in-line with current inflation rates.