What does 49 CFR 387.1 (Purpose and scope) require?

Short answer

49 CFR 387.1 requires motor carriers of property to maintain minimum levels of financial responsibility. The purpose is to create incentives for safe vehicle operation and maintenance.

The rule says

"This subpart prescribes the minimum levels of financial responsibility required to be maintained by motor carriers of property operating motor vehicles in interstate, foreign, or intrastate commerce." (49 CFR 387.1)

In plain English

This rule is about making sure trucking companies have enough money to cover potential accidents or damages. It's meant to encourage them to keep their vehicles in good condition and operate them safely. In practice, this means motor carriers need to have adequate insurance or other forms of financial responsibility to compensate for any harm their vehicles might cause.

What to do

• Review your company's insurance policies to ensure they meet the minimum financial responsibility requirements.
• Verify that your coverage includes all vehicles and operations, including interstate, foreign, and intrastate commerce.
• Maintain accurate records of your financial responsibility, including insurance certificates and other relevant documents.