Bill > A5911

This bill reduces the minimum motor vehicle liability insurance coverage requirement specifically for autocabs (a type of commercial transportation vehicle) from $1.5 million to $200,000. Currently, autocab owners must maintain high-level insurance coverage to operate in a municipality, but this legislation would significantly lower the financial protection required. The bill amends existing New Jersey state law to modify insurance mandates for autocabs, lowering the mandatory coverage amount while still requiring insurance policies that can satisfy claims for bodily injury, death, and property damage resulting from autocab operations. The reduced coverage limit applies to insurance policies initiated or renewed after the bill's enactment, and the change aims to potentially reduce insurance costs for autocab operators while maintaining a basic level of financial protection for passengers and other parties. The bill also maintains other existing requirements for autocab operators, such as criminal background checks for drivers, ensuring that the reduced insurance requirement does not compromise overall safety standards.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5911