Own authority insurance questions

General liability and cargo is not a requirement of FMCSA unless you are a household good hauler in which case you have to post cargo. Automotive liability policy is what is required to post for your authority.

 

Auto Liabilty 1,000,000 minimum

Cargo 100,00 minimum


(Its good to Incorporate and Get a General Liability Policy too) It helps with many fraudulant Claims against you

Make sure you have a process agent in place too every other year

 

It isnt no big Deal...A BOC-3 Process agent is a college word for someone that makes SURE your Up to Date with the FMCSA every 2 years..Thats all,

Making sure your Authoritie(s) havent Changed, Your Address,Name,Insurances etc etc etc

 

You do want comp and collision. If you are in a tow away situation the comp and collision is what will over the tractor portion of the expense. The insurance cost is minor but the potential costs are huge. Most never realize it because they don't see how the insurance company breaks it out.

Imagine if you get in an accident and tear a fuel tank open. Now you are talking a hazmat clean-up. Ever see the bill on one of those?

Insure you tractor for $5k. It will likely cost you less than $200 a year.

 

process agents are someone who can accept court papers in each state and forward them to you, that's their function. they wont update anything

 

The OOIDA will act as a process agent for their members free of charge.