Bill Text: NJ A4292 | 2022-2023 | Regular Session | Introduced
Bill Title: Raises minimum amount of liability coverage for commercial motor vehicles and autocabs.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-01-08 - Substituted by S2841 (2R) [A4292 Detail]
Download: New_Jersey-2022-A4292-Introduced.html
Sponsored by:
Assemblywoman LINDA S. CARTER
District 22 (Middlesex, Somerset and Union)
SYNOPSIS
Raises minimum amount of liability coverage for commercial motor vehicles to $1,500,000.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning commercial motor vehicle coverage and amending P.L.1972, c.197.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1972, c.197 (C.39:6B-1) is amended to read as follows:
1. a. Every owner or registered owner of a motor vehicle registered or principally garaged in this State shall maintain motor vehicle liability insurance coverage, under provisions approved by the Commissioner of Banking and Insurance, insuring against loss resulting from liability imposed by law for bodily injury, death and property damage sustained by any person arising out of the ownership, maintenance, operation or use of a motor vehicle wherein such coverage shall be at least in: (1) an amount or limit of $15,000.00, exclusive of interest and costs, on account of injury to, or death of, one person, in any one accident; and (2) an amount or limit, subject to such limit for any one person so injured or killed, of $30,000.00, exclusive of interest and costs, on account of injury to or death of, more than one person, in any one accident; and (3) an amount or limit of $5,000.00, exclusive of interest and costs, for damage to property in any one accident; and (4) for a commercial motor vehicle, an amount or limit of $1,500,000, exclusive of interest and costs, on account of injury to or death of, one or more persons in any one accident or for damage to property in any one accident.
b. Notwithstanding the provisions of subsection a. of this section, an owner or registered owner of an automobile, as defined in section 2 of P.L.1972, c.70 (C.39:6A-2), registered or primarily garaged in the State may satisfy the requirements of subsection a. of this section by maintaining a basic automobile insurance policy containing coverages provided pursuant to subsections a. and b. of section 4 of P.L.1998, c.21 (C.39:6A-3.1).
c. Notwithstanding the provisions of subsection a. of this section, an owner or registered owner of an automobile, as defined in section 2 of P.L.1972, c.70 (C.39:6A-2), registered or primarily garaged in the State may satisfy the requirements of subsection a. of this section by maintaining a special automobile insurance policy containing coverages provided pursuant to subsection b. of section 45 of P.L.2003, c.89 (C.39:6A-3.3).
d. As used in this section, "commercial motor vehicle" means a commercial motor vehicle as defined pursuant to section 3 of P.L.1990, c.103 (C.39:3-10.11).
(cf: P.L.2003, c.89, s.60)
2. This act shall take effect on the first day of the sixth month next following the date of enactment and shall apply to all automobile insurance policies initiated or renewed on or after that date.
STATEMENT
This bill raises the minimum amount of liability coverage for a commercial motor vehicle to $1.5 million.
Under the bill, an owner or a registered owner of a commercial motor vehicle will be required to maintain motor vehicle liability insurance coverage of at least $1.5 million to insure against loss resulting from liability imposed by law for bodily injury, death, and property damage.
