You will need to update your MCS-150 with USDOT and put his truck as one of your power units on the MCS-150 and then add the truck and driver to your insurance. The truck owner can provide his own bobtail insurance, etc. but the truck will need to be insured under your company name to be legal.
Before you do anything, you need a contract to have him lease under your authority. This is a legal requirement and you can’t get around it because without one, your insurance company can deny any and all claims made by you.
§ 376.11 General leasing requirements.
Other than through the interchange of equipment as set forth in § 376.31, and under the exemptions set forth in subpart C of these regulations, the authorized carrier may perform authorized transportation in equipment it does not own only under the following conditions:
(a) Lease. There shall be a written lease granting the use of the equipment and meeting the requirements contained in § 376.12.
(b) Receipts for equipment. Receipts, specifically identifying the equipment to be leased and stating the date and time of day possession is transferred, shall be given as follows:
of course the whole section exceeds the 10,000 word limit....