New Jersey Increased Minimum Required Insurance to $1.5 million
New Jersey enacted a provision that will require commercial motor vehicles with GVWR over 26,000 pounds to have minimum liability insurance in the amount of $1.5 million. Beginning in July 2024, all vehicles “principally garaged” or “registered” in NJ are subject to the increased liability insurance amount. It is unclear the extent to which it may apply to trucks in interstate operations with plates issued pursuant to the International Registration Plan. New Jersey has yet to offer clarification regarding the target of enforcement or how enforcement will occur. New Jersey’s action comes on the heels of efforts over the years to increase the required minimum insurance limit of $750,000 for general freight under federal law as enforced by the FMCSA.
A quarterly newsletter of legal news for the clients and friends of Scopelitis, Garvin, Light, Hanson & Feary
News from Scopelitis is intended as a report to our clients and friends on developments affecting the transportation industry. The published material does not constitute an exhaustive legal study and should not be regarded or relied upon as individual legal advice or opinion.
New Jersey Increased Minimum Required Insurance to $1.5 million
New Jersey enacted a provision that will require commercial motor vehicles with GVWR over 26,000 pounds to have minimum liability insurance in the amount of $1.5 million. Beginning in July 2024, all vehicles “principally garaged” or “registered” in NJ are subject to the increased liability insurance amount. It is unclear the extent to which it may apply to trucks in interstate operations with plates issued pursuant to the International Registration Plan. New Jersey has yet to offer clarification regarding the target of enforcement or how enforcement will occur. New Jersey’s action comes on the heels of efforts over the years to increase the required minimum insurance limit of $750,000 for general freight under federal law as enforced by the FMCSA.
News from Scopelitis is intended as a report to our clients and friends on developments affecting the transportation industry. The published material does not constitute an exhaustive legal study and should not be regarded or relied upon as individual legal advice or opinion.