This bill increases the minimum insurance requirements that trucking companies must carry from $750,000 to $5,000,000 per accident when transporting property. The change is designed to ensure truck crash victims receive adequate compensation for injuries and damages, as the current requirement has not been updated since 1980 despite significant increases in medical costs. The bill also requires the Secretary of Transportation to automatically adjust the minimum insurance amount every five years based on medical care inflation, ensuring the coverage keeps pace with rising healthcare costs in the future. The new requirement takes effect one year after the bill becomes law. The legislation affects all trucking companies that transport property on highways and aims to protect the public by encouraging safer practices and guaranteeing that victims of serious truck accidents can recover full damages.
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