[Code of Federal Regulations]
[Title 49, Volume 4]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR387.417]

[Page 1074]
 
                        TITLE 49--TRANSPORTATION
 
                      DEPARTMENT OF TRANSPORTATION
 
PART 387_MINIMUM LEVELS OF FINANCIAL RESPONSIBILITY FOR MOTOR 
CARRIERS--Table of Contents
 
 Subpart D_Surety Bonds and Policies of Insurance for Freight Forwarders
 
Sec. 387.417  Fiduciaries.

    (a) Interpretations. The terms ``insured'' and ``principal'' as used 
in a certificate of insurance, surety bond, and notice of cancellation, 
filed by or for a freight forwarder, include the freight forwarder and 
its fiduciary (as defined at 49 CFR 387.319(a)) as of the moment of 
succession.
    (b) Span of security coverage. The coverage furnished for a 
fiduciary shall not apply after the effective date of other insurance or 
security, filed with and accepted by the FMCSA for such fiduciary. After 
the coverage shall have been in effect 30 days, it may be cancelled or 
withdrawn within the succeeding 30 days by the insurer, the insured, the 
surety, or the principal 10 days after the FMCSA receives written 
notice. After such coverage has been in effect 60 days, it may be 
cancelled or withdrawn only in accordance with Sec. 387.413(d).

[55 FR 11201, Mar. 27, 1990. Redesignated at 61 FR 54710, Oct. 21, 1996, 
as amended at 62 FR 49942, Sept. 24, 1997]