Truck insurance increases to $ 2 million according to new bill
The new Invest in America Act makes both positive and negative trucking industry changes.
The “Investment in a New Vision for the Environment and Surface Transportation in America Act” was introduced by Chair of the House Committee on Transportation and Infrastructure Peter DeFazio.
The bill provides $ 1 billion to “address the shortage of commercial vehicle parking to improve the safety of commercial vehicle drivers.”
In addition, the Federal Motor Carrier Safety Administration (FMCSA) would develop a regulation to establish screening criteria for obstructive sleep apnea among commercial vehicle drivers.
The highway bill would require “new trucks to be equipped with an automatic emergency braking system.”
The requirement for motor vehicle insurance will increase at the same time. The minimum insurance coverage for commercial vehicles will rise from $ 750,000 to $ 2 million. Due to inflation, this amount will grow every 5 years.
“Increasing minimum insurance requirements from $750 thousand to $2 million on the heels of a major economic disruption will be nothing short of disastrous for many small motor carriers and owner-operators,” said Todd Spencer, President and CEO of OOIDA. “If the economic impacts of COVID-19 didn’t destroy their businesses, Congress will by enacting this catastrophic policy.”
Other important provisions of the bill regarding trucking include a possible underride guard mandate, the return of CSA scores to public view, increase funding for highway construction, and create an advisory board to work with women in the trucking industry.