49 CFR 387.7 - Financial responsibility required.
(1) Policies of insurance, surety bonds, and endorsements required under this section shall remain in effect continuously until terminated. Cancellation may be effected by the insurer or the insured motor carrier giving 35 days' notice in writing to the other. The 35 days' notice shall commence to run from the date the notice is mailed. Proof of mailing shall be sufficient proof of notice.
(2)Exception. Policies of insurance and surety bonds may be obtained for a finite period of time to cover any lapse in continuous compliance.
(3)Exception. A Mexico-domiciled motor carrier operating solely in municipalities in the United States on the U.S.-Mexico international border or within the commercial zones of such municipalities with a Certificate of Registration issued under part 368 may meet the minimum financial responsibility requirements of this subpart by obtaining insurance coverage, in the required amounts, for periods of 24 hours or longer, from insurers that meet the requirements of § 387.11 of this subpart. A Mexican motor carrier so insured must have available for inspection in each of its vehicles copies of the following documents:
(i) The Certificate of Registration;
(ii) The required insurance endorsement (Form MCS-90); and
(iii) An insurance identification card, binder, or other document issued by an authorized insurer which specifies both the effective date and the expiration date of the temporary insurance coverage authorized by this exception.
(c) Policies of insurance and surety bonds required under this section may be replaced by other policies of insurance or surety bonds. The liability of the retiring insurer or surety, as to events after the termination date, shall be considered as having terminated on the effective date of the replacement policy of insurance or surety bond or at the end of the 35 day cancellation period required in paragraph (b) of this section, whichever is sooner.
(3) A written decision, order, or authorization of the Federal Motor Carrier Safety Administration authorizing a motor carrier to self-insure under § 387.309, provided the motor carrier maintains a satisfactory safety rating as determined by the Federal Motor Carrier Safety Administration under part 385 of this chapter.
(1) The proof of minimum levels of financial responsibility required by this section shall be considered public information and be produced for review upon reasonable request by a member of the public.
(2) In addition to maintaining proof of financial responsibility as required by paragraph (d) of this section, non-North America-domiciled private and for-hire motor carriers shall file evidence of financial responsibility with FMCSA in accordance with the requirements of subpart C of this part.
(f) All vehicles operated within the United States by motor carriers domiciled in a contiguous foreign country, shall have on board the vehicle a legible copy, in English, of the proof of the required financial responsibility (Form MCS-90 or MCS-82) used by the motor carrier to comply with paragraph (d) of this section.
Title 49 published on 09-May-2017 04:41
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 49 CFR Part 387 after this date.
- 49 CFR 387.15 — Forms.
- 49 CFR 387.9 — Financial Responsibility, Minimum Levels.
- 49 CFR 387.19 — Electronic Filing of Surety Bonds, Trust Fund Agreements, Certificates of Insurance and Cancellations.
- 49 CFR 385.607 — FMCSA Action on the Application.
- 49 CFR 385.321 — What Failures of Safety Management Practices Disclosed by the Safety Audit Will Result in a Notice to a New Entrant That Its USDOT New Entrant Registration Will Be Revoked?
- 49 CFR 385.607T — FMCSA Action on the Application.