Ask X3What does 49 CFR 387.413 (Forms and procedures) require?
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Based on 49 CFR 387.413, the requirements are as follows:
* Forms: Endorsements for insurance policies, surety bonds, certificates of insurance, self-insurer applications, other security/agreement approvals, and cancellation notices must use the forms prescribed in 49 CFR part 387, subpart C.
* Procedures: You must electronically file certificates of insurance, surety bonds, and notices of cancellation with the FMCSA.
* Names: Certificates of insurance and surety bonds must be issued in the full name (including any trade name) of the individual, partnership (naming all partners), corporation, or other person who holds or will be issued the permit.
* Cancellation: Certificates of insurance, surety bonds, and other securities and agreements cannot be cancelled or withdrawn until 30 days after the FMCSA receives written notice from the insurance company, surety, freight forwarder, or other responsible party (unless replaced as described below).
* Termination by Replacement: Certificates of insurance or surety bonds may be replaced by new certificates, bonds, or other security. The liability of the retiring insurer or surety terminates on the effective date of the replacement, provided it is acceptable to the FMCSA.