1. Federal Financial Responsibility Mandates
Under 49 CFR Part 387, for-hire motor carriers and brokers are legally required to maintain minimum financial responsibility filings on record with the FMCSA. These filings are submitted directly by licensed insurance companies.
2. Key FMCSA Insurance Forms
When reviewing carrier insurance records, look for the following standard form designations:
- Form BMC-91 / BMC-91X: Certificate of Public Liability and Property Damage (BIPD) Insurance. Minimum statutory requirements range from $750,000 to $5,000,000 depending on cargo.
- Form BMC-34: Certificate of Cargo Insurance (required for certain household goods carriers).
- Form BMC-84: Property Broker Surety Bond ($75,000 statutory minimum mandated by MAP-21).
- Form BMC-85: Property Broker Trust Fund Agreement ($75,000 held in trust).