Lawmakers vote to raise mandatory insurance for carriers to $2 million

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Published by iTrucker at 18 Jun

Lawmakers vote to raise mandatory insurance for carriers to $2 million

By: John Gallagher, Washington Correspondent at Freightwaves.com

 

Lawmakers marking up the U.S. House of Representatives’ version of the surface transportation reauthorization bill have approved an amendment to more than double the required amount of insurance coverage for truck owners from $750,000 to $2 million.

The amendment, introduced this week by U.S. Rep. Chuy Garcia, D-Illinois, passed the House Transportation & Infrastructure Committee late Wednesday by a vote of 37-27.

Proponents of the amendment argue that the current insurance liability requirement does not adequately compensate victims of accidents involving large trucks. Opponents, including small-business truck owners, contend that raising the limits could force small-business truckers out of the industry while raising the cost of shipping for consumers.

The House version of the reauthorization of the FAST Act, called the Investing in a New Vision for the Environment and Surface Transportation in America (INVEST in America) Act, is a five-year, $494 billion surface transportation bill unveiled earlier this month.

The bill must be approved by the Democrat-controlled House, in a vote scheduled for late June, before moving to negotiations with the Republican-controlled Senate.

Read the original story HERE

 

 

Source and credits:  freightwaves.com

 

iTrucker  / Mario Pawlowski / itrucker.com

 

Click for more FreightWaves articles by John Gallagher.

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