insurance coverage. Rising to over $2 Million from the current minimum of $750,000 for most motor carriers TRAA expects insurance premiums to increase by 40% or more. It is important to note that many towers already carry $1 Million in public liability with many also having blanket or excess coverage of two million or more however this legislation would require the base coverage to be at least $2.1 Million which could not be satisfied with our current excess or blanket policies. Keep in mind, this like most other Federal motor carrier legislation effects operations of any commercial vehicle over 10,000 pounds gross weight rating used in interstate commerce. Thankfully TRAA learned that one of the cosponsors of the INSURANCE Act from last year, Representative Cartwright, will not be co-sponsoring it this year. Given the difficulty most tow business owners face finding help
Work the non-traffic side - Stay Safe!
AmericanTowman.com | April 2021 • South 95