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Motor Carrier Act of 1980

A federal law that deregulated the United States trucking industry and transferred the enforcement of financial responsibility requirements for truckers to the Bureau of Motor Carrier Safety, U.S. Department of Transportation. Insurance is one method of complying with the financial responsibility requirements.

Motor carrier policy

A commercial auto policy introduced by Insurance Services Office, Inc. (ISO), in 1993 to address the needs of the motor carrier (i.e., trucking) industry. Coverages available include auto liability, trailer interchange, and auto physical damage; other coverages are available by endorsement. The policy was developed as an alternative to the truckers policy because of the changes taking place in the industry. That is, the truckers policy is applicable only for “for-hire” motor carriers, whereas the motor carrier policy is appropriate for all types of motor carriers—for-hire, private, or a combination of both types of operations.

Motor insurance

Insurance of motor vehicles and liabilities arising from the use of vehicles. Comprehensive policies cover loss/damage to the insured’s vehicle, liability to third parties and other sections depending on the type of vehicle. Third party fire and theft covers third party risks plus loss/damage to the insured’s vehicle if caused by fire and theft. Third party only is limited to third party risks only. Act only cover is less extensive than third party only as cover is limited to the compulsory insurance requirements of the Road Traffic Act 1988. Most policy forms have a foreign use section. The principal vehicle types are: private cars; commercial or goods-carrying vehicles; agricultural and forestry vehicles; motor trade; motorcycles, mopeds; and special types (e.g. mobile plant).