[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: 49CFR387.417]



[Page 302]

 

                        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withdrawn within the succeeding 30 days by the insurer, the insured, the 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cancelled or withdrawn only in accordance with Sec. 387.413(d).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]