Does a Louisiana motor carrier have the financial backbone to settle a major liability claim?

We all know how devastating a semi-trailer can be when crashing into another vehicle, spilling its cargo on the road or jackknifing on a freeway. But Louisiana car drivers are right to be concerned about the capacity of motor carriers operating these monster trucks to hold to their financial responsibility when such terrible truck accidents occur.

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What kind of financial responsibility is required from trucking companies?

Rules of the Federal Motor Carrier Safety Administration (FMCSA) require operators of property carrying trucks to have insurance, surety bonds or self-insurance covering their public liability for a minimum amount, as follows:

• $ 750,000 for non-hazardous property transport;

• $ 1,000,000 or $ 5,000,000 for hazardous substances or waste depending on the type of product and method of containment.

Motor carriers must file evidence to the FMCSA and maintain proof of the required minimum level of financial responsibility at their principal place of business, and must produce these documents for review upon reasonable request by a member of the public.

Section 30 of the Motor Carrier Act of 1980 gives precise instructions on how carriers should abide by these rules, and what documents they need to keep on hand, and for how long.

Apart from the chaos and substantial damage arising from the spillage of toxic chemicals, an 18-wheeler can be involved in multi-vehicle accidents resulting in hundreds of thousands of dollars in material damage. Far more important still than material damage, many big truck crashes unfortunately can be fatal or cause catastrophic injuries, ruining the lives of the injured victims. It is crucial therefore, that motor carriers maintain the legal financial guarantees at all times so they can at least offer adequate financial compensation to those who have suffered terrible hardship in a truck accident.

If you or someone you love has been injured in a Louisiana truck accident, contact the attorneys of the Young Firm immediately for a free consultation on your case at (504) 680-4100 (local) or (866) 660-7220 (toll free), or by sending us an e-mail.