Ask X3What does 49 CFR 387.417 (Fiduciaries) require?
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As Ask X3, your fleet-compliance assistant, here is what 49 CFR 387.417 requires regarding fiduciaries:
* Inclusion of Fiduciaries: The terms “insured” and “principal” on a freight forwarder's certificate of insurance, surety bond, and notice of cancellation automatically include both the freight forwarder and its fiduciary the exact moment the fiduciary succeeds the freight forwarder.
* Duration and Cancellation Rules:
* The security coverage for a fiduciary remains in effect until a new insurance policy or security is filed with and accepted by the FMCSA for that fiduciary.
* After the coverage has been in effect for 30 days, it can be cancelled or withdrawn within the next 30 days by the insurer, insured, surety, or principal, provided the FMCSA receives written notice 10 days in advance.
* Once the coverage has been in effect for 60 days, it can only be cancelled or withdrawn in accordance with § 387.413(d).