New Mexico Administrative Code
Title 18 - TRANSPORTATION AND HIGHWAYS
Chapter 3 - MOTOR CARRIER GENERAL PROVISIONS
Part 3 - FINANCIAL RESPONSIBILITY
Section 18.3.3.11 - MAXIMUM DEDUCTIBLE LIMIT
Universal Citation: 18 NM Admin Code 18.3.3.11
Current through Register Vol. 35, No. 18, September 24, 2024
No insurance policy shall have a deductible in excess of five thousand dollars ($5,000), unless the department approves a higher deductible for a motor carrier that provides:
A. a surety bond in an amount equal to the difference between five thousand dollars ($5,000) and the amount of the higher deductible; or
B. a copy of the motor carrier's self-insured policy coverage for an amount equal to or greater than the amount of the higher deductible.
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