Companies’ Financial Responsibility in a Louisiana Truck Accident
Your accident settlement is determined not only by your own insurance coverage, but also by the adequate coverage of the truck involved in your Louisiana truck accident. Insufficient or fraudulent truck company financial responsibility can impair your compensation or settlement process, sometimes resulting in less compensation for your claim.
The Nature of Truck Company Financial Responsibility
Motor carriers are required to have constant policies of insurance and surety bonds with proof qualifications as a self-insurer which must be held at the principal place of business at all times. The minimum levels of truck company financial responsibility are as follows:
- For-hire, non-hazardous property transport: $750,000
- For-hire and private, hazardous cargo defined by 49 CFR 171.8: $5,000,000
- For-hire and private, oil and hazardous cargo defined by 49 CFR 172.101: $1,000,000
- For-hire and private, hazardous cargo defined by 49 CFR 173.403: $5,000,000
There are certain types of cargo that can exempt a truck from cargo insurance. These are mostly organic and natural products, and they may or may not have an impact on your Louisiana truck accident case.
By obtaining the assistance of an experienced Louisiana truck accident attorney, you can be certain your case has adequate proof of any non-compliance with minimum coverage.
How Do I Determine If The Truck Was Compliant With Financial Responsibility?
The truck owner—usually the trucking company—is required to keep record of continuous coverage of insurance and surety bonds at their principal place of business. However, obtaining proof of the trucking company’s financial responsibility or lack thereof can be difficult to do on your own. A Louisiana truck accident attorney will be able to obtain these records on behalf of your case and use them to determine if the owner(s) was compliant with federal law regarding truck company financial responsibility.
Contacting a Louisiana Truck Accident Attorney
The truck involved in your Louisiana truck accident may not be in compliance with the minimum level of financial responsibility required – a factor which can lead to a much larger settlement on your behalf. Let a professional Louisiana truck accident attorney investigate the truck company and help you obtain the most out of your insurance settlement.
The Louisiana personal injury lawyers at the Law Offices of J. Price McNamara can help you work with the insurance companies and recover damages for emotional and financial burden caused by your truck accident. Contact us to schedule your FREE legal consultation today – (866) 248-0580 .