How does a truck accident lawyer determine how much coverage a company has? The law states that if a victim has a minimum of $12,500 in damages, the victim’s attorney can request the company’s amount of coverage. If the amount of damages is less, the attorney can still find out the answer through the discovery process, including subpoena power, interrogatories, and requests for the production of documents.
Shapiro, Washburn & Sharp has practiced only injury loss since 1985 and have obtained over $100 million in jury verdicts and settlements. Our clients pay no hourly or upfront fees and get free consultations. The firm does not accept every case, but when your case is accepted, you can rest assured you can rock solid truck accident lawyers fighting for you to maximize your recovery. Call our firm at 833-997-1774 for a free and confidential consultation.
What Are the Minimum Insurance Requirements for Interstate Trucking Companies Operating in Virginia?
Interstate trucking companies in Virginia are subject to federal regulations that mandate a minimum amount of insurance coverage to protect individuals who might be injured or suffer property damage in a trucking accident. The Federal Motor Carrier Safety Administration (FMCSA), which oversees the trucking industry across the United States, sets these insurance requirements.
For most interstate trucking companies, the minimum amount of liability insurance required is $750,000. However, this amount can increase depending on the type of cargo being transported and the weight of the truck involved. For example, if a trucking company is transporting hazardous materials, the required minimum liability coverage jumps to $1,000,000. In some instances, particularly for larger trucking operations or those involving particularly dangerous freight, the required insurance can be as high as $5,000,000.
The minimum insurance levels are intended to ensure that trucking companies have sufficient coverage to compensate victims of accidents, particularly in cases involving severe injuries or fatalities, which are common in truck accidents due to the size and weight of the vehicles involved.
Why Do Federal Regulations Set High Insurance Minimums for Interstate Trucking Companies?
Federal regulations are in place to protect public safety and provide victims of trucking accidents with the financial means to recover from injuries or damages. Commercial trucks are far larger and heavier than typical passenger vehicles, which means that accidents involving trucks often result in catastrophic outcomes, such as life-altering injuries or death.
Truck accidents can cause serious damage to other vehicles, buildings, and infrastructure. Additionally, medical bills for victims can be significant, and property damage can exceed the financial capacity of individual drivers or trucking companies. With these concerns in mind, the FMCSA sets high minimum insurance requirements to ensure that trucking companies can meet their obligations in the event of an accident.
Without these mandatory insurance levels, there would be a higher risk of victims being under-compensated or left without proper recovery funds. These insurance requirements aim to hold trucking companies accountable for the damage their vehicles cause and ensure that adequate compensation is available to victims, including for medical expenses, lost wages, pain and suffering, and property damage.
What Happens If an Interstate Trucking Company Fails to Meet the Required Minimum Insurance Standards in Virginia?
Failure to maintain the required minimum insurance levels can result in significant legal and financial consequences for an interstate trucking company. If a trucking company does not meet the insurance requirements set forth by the FMCSA, it may be subject to penalties, fines, or even suspension of its operating authority. Without adequate insurance, the company could be prohibited from legally operating in interstate commerce.
From a victim’s perspective, an underinsured trucking company can create challenges in pursuing a claim for compensation following an accident. If the trucking company is found to have insufficient insurance coverage, the injured parties might need to look into other avenues for recovery, such as pursuing personal assets of the trucking company or other parties that may be liable for the accident. In extreme cases, a trucking company that is underinsured may face legal action to compel them to compensate victims through other means.
How Can Your Personal Injury Law Firm Help?
If you or a loved one were injured in a truck accident, do not try to deal with the trucking company and its insurance company on your own. Call Shapiro, Washburn & Sharp at 833-997-1774 to schedule a free consultation and find out how we can help get you the compensation you are entitled to. We handle cases on a contingency-fee basis, so you won’t pay any legal fees unless we win your case.