H.R. 2730 Your liability insurance is about to go up in the name of "Safety"

This was started on another forum this morning. H.R. 2730 or "A SAFE HAUL." Isn't safety great?
I have sent a request off to my insurance agent asking about this, but have not heard back yet. Anyone else?


Cartwright Introduces Legislation to Keep Highways Safe and Protect Victims’ Rights

Jul 19, 2013

Press Release
WASHINGTON — Yesterday, U.S. Rep. Matt Cartwright introduced the Safe and Fair Environment on Highways Achieved through Underwriting Levels Act (H.R. 2730) or “A SAFE HAUL.” The bill would raise the required insurance minimum for motor carriers.
Congress established the current insurance minimum in 1980 at $750,000. This minimum requirement has not been raised in more than 30 years. In present dollars, adjusted for the increase in the cost of medical care, it takes more than $4.4 million to provide for the equivalent of the $750,000 in the original law.
“This is a matter of public safety. Tragically, more than 100,000 people have been killed in commercial vehicle collisions since 1980,” said Rep. Cartwright. “This legislation is essential to protecting our nation’s highways and ensuring that victims receive the proper amount of compensation for their losses.”
The current minimum of $750,000 fails to perform the basic functions that Congress intended: to promote safe operations by holding insurers responsible for inspecting trucking operations prior to underwriting policies and to protect the public.
Additionally, according to a recent study conducted by the Trucking Alliance, 42 percent of the dollar settlements paid by trucking companies between 2005 and 2011 for motor vehicle accidents exceeded the minimum insurance requirement.
"Outdated trucking insurance limits shift the burden of crash costs to injured motorists, taxpayers, medical insurance carriers, and Medicare. This legislation is long overdue," said American Association for Justice President Mary Alice McLarty.
Specifically, the bill would increase the required insurance minimum for motor carriers from $750,000 to $4,422,000. The bill would also tie the future insurance minimum requirement to the cost of medical care inflation. This legislation protects the American public as well as trucking companies by ensuring sufficient coverage is available to cover the total costs of commercial vehicle accidents.

Original Co-Sponsors:
Rep. Bruce Braley [IA-1], Rep. Chaka Fattah [PA-2], Rep. John Lewis [GA-5], Rep. Grace Napolitano [CA-32], Rep. Bobby Scott [VA-3] and Rep. Albio Sires [NJ-8]

http://cartwright.house.gov/media-c...legislation-to-keep-highways-safe-and-protect

 

If the sponsor(s) of this bill were representing me, I would remember this at their next election.

Anyway, from the other forum, there was a link provided by Walkinman & Pmmjarrett. Not sure if they are here or not, but that is where the credit goes.


"A bill referred to the House’s transportation committee last week would raise the minimum insurance required by trucking companies from $750,000 to $4,422,000.
The Safe and Fair Environment on Highways Achieved through Underwriting Levels Act (SAFE-HAUL) was introduced by Rep. Matt Cartwright (D-Penn.) and has seven co-sponsors.
The bill cites a recent study by the Trucking Alliance — a group that consists of seven large fleets — that says 42 percent of accident settlements paid by carriers between 2005 and 2011 exceeded the $750,000 minimum."

http://www.overdriveonline.com/hous...07-23-2013&utm_campaign=OVD&ust_id=325994a4c8

So who is the Trucking Alliance? You may know them already.
Member list at link.

http://www.truckingalliance.org/home