[Code of Federal Regulations]

[Title 49, Volume 5]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 49CFR387.319]



[Page 299]

 

                        TITLE 49--TRANSPORTATION

 

                      DEPARTMENT OF TRANSPORTATION

 

PART 387_MINIMUM LEVELS OF FINANCIAL RESPONSIBILITY FOR MOTOR CARRIERS

--Table of Contents

 

Subpart C_Surety Bonds and Policies of Insurance for Motor Carriers and 

                            Property Brokers

 

Sec. 387.319  Fiduciaries.



    (a) Definitions. The terms ``insured'' and ``principal'' as used in 

a certificate of insurance, surety bond, and notice of cancellation, 

filed by or for a motor carrier, include the motor carrier and its 

fiduciary as of the moment of succession. The term ``fiduciary'' means 

any person authorized by law to collect and preserve property of 

incapacitated, financially disabled, bankrupt, or deceased holders of 

operating rights, and assignees of such holders.

    (b) Insurance coverage in behalf of fiduciaries to apply 

concurrently. The coverage furnished under the provisions of this 

section on behalf of fiduciaries shall not apply subsequent to the 

effective date of other insurance, or other security, filed with and 

approved by the FMCSA in behalf of such fiduciaries. After the coverage 

provided in this section shall have been in effect thirty (30) days, it 

may be cancelled or withdrawn within the succeeding period of thirty 

(30) days by the insurer, the insured, the surety, or the principal upon 

ten (10) days' notice in writing to the FMCSA at its office in 

Washington, DC, which period of ten (10) days shall commence to run from 

the date such notice is actually received by the FMCSA. After such 

coverage has been in effect for a total of sixty (60) days, it may be 

cancelled or withdrawn only in accordance with Sec. 1043.7.



[32 FR 20032, Dec. 20, 1967, as amended at 47 FR 49596, Nov. 1, 1982; 47 

FR 55945, Dec. 14, 1982; 55 FR 11197, Mar. 27, 1990]