�7.303 Security for the protection of the public: Minimum limits.

(a) Definitions: (1) "Primary security" means public liability coverage provided by the insurance or surety company responsible for the first dollar of coverage.

(a)(2) "Excess security" means public liability coverage above the primary security, or above any additional underlying security, up to and including the required minimum limits set forth in paragraph (b)(2) of this section.

(b)(1) Motor carriers subject to �7.301(a)(1) are required to have security for the required minimum limits as follows:

Passenger Carriers: Kind of Equipment
Vehicle Seating Capacity	Minimum Limit
(i) Any vehicle with a seating capacity of 16 passengers or more	$5,000,000
(ii) Any vehicle designed or used to transport more than 8 passengers (including the driver) for compensation	1,500,000

(b)(2) Motor carriers subject to �7.301(a)(2) are required to have security for the required minimum limits as follows:

Kind of equipment	Commodity transported	July 1, 1983*	January 1, 1985*
(a) Freight Vehicles of 10,001 Pounds or More GVWR.	Property (non-hazardous)	$500,000	$ 750,000
(b) Freight Vehicles of 10,001 Pounds or More GVWR.	Hazardous substances, as defined in 49 CFR 171.8, transported in cargo tanks, portable tanks, or hopper-type vehicles with capacities in excess of 3,500 water gallons, or in bulk Class A or B explosives, poison gas (Poison A) liquefied compressed gas or compressed gas, of highway route controlled quantity radioactive materials as defined in 49 CFR 173.455	1,000,000	5,000,000
(c) Freight Vehicles of 10,001 Pounds or More GVWR.	Oil listed in 49 CFR 172.101; hazardous waste, hazardous materials and hazardous substances defined in 49 CFR 171.8 and listed in 49 CFR 172.101, but not mentioned in (b) above or (d) below.	500,000	1,000,000
(d) Freight Vehicles under 10,001 Pounds GVWR.	Any quantity of Class A or B explosives; any quantity of poison gas (Poison A); or highway route controlled quantity radioactive materials as defined in 49 CFR 173.455	1,000,000	5,000,000

*NOTE: The effective date of the current required minimum limit in 49 CFR 387.303(b)(2) was January 6, 1983, in accordance with the requirements of Pub. L 97�4, 96 Stat. 2097.

(b)(3) Motor carriers subject to the minimum limits governed by this section, which are also subject to Department of Transportation limits requirements, are at no time required to have security for more than the required minimum limits established by the Secretary of Transportation in the applicable provisions of 49 CFR Part 387� Minimum Levels of Financial Responsibility for Motor Carriers.

(b)(4) Foreign motor carriers and foreign motor private carriers. Foreign motor carriers and foreign motor private carriers (Mexican), subject to the requirements of 49 U.S.C. 13902(c) and 49 CFR part 368 regarding obtaining certificates of registration from the Commission, must meet our minimum financial responsibility requirements by obtaining insurance coverage, in the required amounts, for periods of 24 hours or longer, from insurance or surety companies, that meet the requirements of 49 CFR 387.315. These carriers must have available for inspection, in each vehicle operating in the United States, copies of the following documents:

(b)(4)(i) The certificate of registration;

(b)(4)(ii) The required insurance endorsement (Form MCS-90); and

(b)(4)(iii) An insurance identification card, binder, or other document issued by an authorized insurer which specifies both the effective date and the expiration date of the insurance coverage. Notwithstanding the provisions of Sec. 387.301(a)(1), the filing of evidence of insurance is not required as a condition to the issuance of a certificate of registration. Further, the reference to continuous coverage at Sec. 387.313(a)(6) and the reference to cancellation notice at Sec. 387.313(d) are not applicable to these carriers.

(c) Motor common carriers: Cargo liability. Security required to compensate shippers or consignees for loss or damage to property belonging to shippers or consignees and coming into the possession of motor carriers in connection with their transportation service, (1) for loss of or damage to property carried on any one motor vehicle--$5,000, (2) for less of or damage to or aggregate of losses or damages of or to property occurring at any one time and place--$10,000.

[66 FR 49873, Oct. 1, 2001; 68 FR 56199, Sep. 30, 2003; 72 FR 55701, Oct. 1, 2007]