Ask X3What does 49 CFR 387.319 (Fiduciaries) require?
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Based on 49 CFR 387.319, here is what the regulation requires regarding fiduciaries and insurance coverage:
* Inclusion of Fiduciaries: The terms “insured” and “principal” in any certificate of insurance, surety bond, and notice of cancellation filed by or for a motor carrier automatically include both the motor carrier and its fiduciary starting at the exact moment of succession (49 CFR 387.319). A "fiduciary" is defined as any person authorized by law to collect and preserve property of incapacitated, financially disabled, bankrupt, or deceased holders of operating rights, and assignees of those holders.
* Concurrent Coverage: Insurance coverage furnished on behalf of fiduciaries cannot apply after the effective date of other insurance or security that has been filed with and approved by the FMCSA for those fiduciaries.
* Cancellation Rules (Days 30 to 60): After the coverage has been in effect for thirty (30) days, it may be cancelled or withdrawn within the next thirty (30) days by the insurer, insured, surety, or principal. To do this, they must provide ten (10) days' written notice to the FMCSA at its office in Washington, DC. This 10-day period officially begins on the date the FMCSA actually receives the notice.
* Cancellation Rules (After 60 Days): Once the coverage has been in effect for a total of sixty (60) days, it may only be cancelled or withdrawn in accordance with § 1043.7.