Increases minimum financial responsibility for transporting property and adjusts for medical-cost inflation.
The Fair Compensation for Truck Crash Victims Act raises the minimum financial responsibility for transporting property from $750,000 to $5,000,000. It also mandates that the Secretary, in consultation with the Bureau of Labor Statistics, adjust this minimum level every five years based on changes in medical-cost inflation. This adjustment aims to ensure that the financial responsibility maintains its purchasing power over time, providing better protection for the public in case of truck crashes.
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