Vehicles: motor carrier of property: insurance.

Existing law requires proof of financial responsibility before a motor carrier permit may be granted to any motor carrier of property and specifies the acceptable documentation for proof of that financial responsibility, which is required to be deposited with the Department of Motor Vehicles and cover each vehicle used or to be used under the motor carrier permit. Existing law requires every motor carrier of property, as defined, to provide adequate protection against liability for the payment of damages in certain amounts, except as specified. This bill would authorize the director of the department to initiate a rulemaking process, upon making a finding that the minimum coverage requirements are insufficient, to alter, by regulation, the required coverage amounts to better reflect market conditions, costs, and operational risks. The bill would also authorize the director to alter the minimum coverage requirements for motor carriers based on the time, place, and manner of their operations, including a motor carrier's operations while operating off of a public highway if that operation is being conducted pursuant to its motor carrier permit.