April 15 is around the corner and many owner operators are feeling the pressure from the affordable care act that will take 1% of income from operators who didn’t have insurance in 2014, in 2015 this percentage will double to 2%. This will make it cheaper to just get the insurance than pay 2015’s penalties. For more information go to OverDrive Online>>
Earlier this year the FMCSA tried to raise the liability insurance above the $750,000 current minimum, but it was shut down by the House of Representatives back in June. The liability insurance minimum has not been changed since 1982, however the ATA states that only 1% of truck related crashes exceeds the $750,000 and would just increase, not only the primary rates, but premium rates as well. They worry that carriers might want to cushion the blow of higher insurance rates with higher freight rates.
The FMCSA are asking carriers 26 “financial responsibility” questions. Here are the topics-
2. Current Insurance Levels
3. Impacts of Increasing Insurance Coverage
For the exact questions go to OverDrive Online>>
The FMCSA’s Motor Carriers Safety Advisory Committee and their Medical Review Board will be discussing the affects of painkillers and amphetamines on truckers driving ability. The Motor Carrier Safety Advisory Committee will also hold another meeting to discuss possibly raising liability insurance for both carriers and brokers. They will also be discussing their failed cross borders pilot program with Mexican companies that ended last month.
The meeting are open to the public. The Medication discussion will take place Oct 27 and the rest on Oct 28 at the Hilton Alexandria Old Town in Alexandria Va., at 9-4:30pm in the Washington and Jefferson Rooms. Online comments are welcome until Oct 22 at the following link CCJ Digital>>