[Code of Federal Regulations]
[Title 49, Volume 5]
[Revised as of October 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR387.319]

[Page 303]
 
                        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may be cancelled or withdrawn within the succeeding period of thirty 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cancelled or withdrawn only in accordance with Sec.  1043.7.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]