By Scopelitis, Garvin, Light, Hanson & Feary
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29 Jan, 2024
The New Jersey legislature recently changed its financial responsibility minimums as they apply to commercial motor vehicles and pedicabs (i.e., taxis). Under the new law, New Jersey will now require commercial motor vehicles (CMVs) to maintain proof of financial responsibility of $1.5 million for CMVs 26,001 lbs. and higher, certain passenger carriers, and those transporting hazardous materials. CMVs weighing between 10,001 and 26,001 lbs. must maintain limits of $300,000. The coverage required by the statute may be satisfied by a commercial auto policy, fleet insurance, a commercial umbrella policy, commercial excess coverage, a similar insurance policy, or any combination of these types of coverage.