N.M. Admin. Code § 18.3.3.10 - MINIMUM INSURANCE COVERAGE
A.
Passenger services: Motor
carriers of passenger services must maintain the minimum levels of coverage
required by 49 CFR
387.33, except that taxicab services
utilizing vehicles with seating capacities of six or fewer passengers
(including the driver) must maintain a combined single-limit policy of one
million dollars ($1,000,000) per occurrence. This taxicab exception to the
minimum coverage expires on June 30, 2025. Taxicab services failing to ensure
full compliance with the minimum coverage requirements of
49 CFR
387.33 on or before July 1, 2025, will be
subject to penalties as provided by law, to include immediate
suspension.
B.
Property
services: Towing services, household goods movers, and motor carriers of
property (including hazardous materials) must maintain the minimum levels of
coverage, as required by 49
CFR 387.9 and 49 CFR 303(b)(2) . In addition:
(1) Towing services must maintain fifty
thousand dollars ($50,000) of both on-the-hook and garage-keepers' liability
insurance.
(2) Household goods
carriers must maintain fifty thousand dollars ($50,000) cargo liability
insurance per shipper for loss or damage to cargo of the shipper.
Notes
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