Insurance is crucial for all individuals who operate motor vehicles, whether it’s for business or pleasure. Many people are informed about types of car insurance, but what about commercial vehicles, such as dump trucks? Florida, like every state, determines the extent of coverage for these vessels, accompanied by a range of federal regulations. Purchasing the right insurance policy to comply with all laws is important to avoid future costly mistakes.
Who Requires Commercial Insurance?
Dump trucks can cause severe damage and financial loss in the event of an accident. As a result, any person who is responsible for the operation of a dump truck needs proper insurance. This could include:
- Independent owners and operators
- For-hire dump truck drivers
- Motor carriers working with dump trucks
What Are the Federal Requirements?
The federal requirements for commercial insurance vary, depending on the weight of the load and type of material transported. For example, an operator of a truck carrying hazardous materials needs additional liability insurance. Up to $5 million of liability coverage is required for vehicles hauling the following:
- Radioactive materials
- Explosives
- Gases in excess of 3,500 water gallons
- Materials poisonous by inhalation
What Are the Laws in Florida?
State laws for dump truck insurance cover bodily injury liability as well as property damage liability. Some states mandate additional types of insurance. In Florida, the minimum requirements are:
- $10,000 property damage liability
- $10,000 bodily injury per person
- $10,000 personal injury protection
Proof of Insurance
By law, proof of insurance must be kept at the main business office as well as in the vehicle. The one kept in the truck should be a copy. Acceptable proof of coverage comes directly from the insurance company, or a surety bond if possessed. When traveling out of the country, lack of this proof could void re-entry.
What Are the Penalties for Driving Without Insurance?
A motor carrier is subject to state and federal penalties for lack of proof of commercial insurance. In addition, it may result in the loss of your license. If an accident occurs, the federal government may launch a thorough investigation and inspection of the company. If the insurance coverage on the truck is lapsed or expired, additional fines are imposed. Ultimately, it could cost you your job.
Sources:
https://www.dmv.org/insurance/federal-motor-carrier-insurance.php
https://www.dmv.org/insurance/commercial-auto-insurance-requirements.php
https://www.fmcsa.dot.gov/registration/insurance-requirements
