N.M. Admin. Code § 18.19.8.11 - PROOF OF FINANCIAL RESPONSIBILITY
A. A person applying for a special permit
shall submit to the DOT proof of financial responsibility as required by New
Mexico law.
B. An applicant shall
submit a certificate of insurance issued by an insurance carrier authorized to
transact business in this state in accordance with public regulation commission
requirements. The certificate of insurance shall indicate the following minimum
coverage:
(1) bodily injury liability in the
amounts of $50,000 for each person and $100,000 for each accident;
and
(2) property damage liability
in the amount of $25,000 for each accident.
C. A certificate of insurance shall identify:
(1) the vehicle covered by year, make, type,
capacity, license number and serial number or indicate that the vehicle is
included under an all owned, non-owned and hired vehicle clause;
(2) the effective dates of coverage;
and
(3) the name and address of the
insured.
D. The DOT may
accept other evidence of financial responsibility that shows compliance with
the certification, operating authority and insurance requirements of the public
regulation commission; provided that the minimum liability coverage required by
this section is met.
E. An
applicant or permittee shall notify the DOT in writing of any material change
or cancellation of insurance coverage at least 10 days prior to the effective
date of such change or cancellation. The DOT shall void any outstanding special
permits if insurance is canceled and not replaced before the expiration date
noted on the special permit.
F. If
the required insurance coverage is not on file with the DOT, the special permit
application will be held in abeyance until satisfactory proof of coverage is
provided.
Notes
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