The New Jersey Division of Banking and Insurance coverage revealed a bulletin informing insurers of the brand new minimal limits of legal responsibility insurance coverage required of business motor autos. P.L.2023, c. 276 (the Act) was signed into regulation on January 16, 2024, and elevated the minimal legal responsibility protection that have to be carried by industrial motor autos and autocabs (taxis) which can be registered or principally garaged in New Jersey.
For industrial motor autos with a gross automobile weight score of 10,001 kilos or extra, however no more than 26,001, the required minimal restrict of legal responsibility insurance coverage protection is elevated to $300,000. For industrial motor autos with a gross automobile weight score of 26,001 kilos or extra, the required minimal restrict of legal responsibility insurance coverage protection is elevated to $1,500,000. These limits can be found for bodily damage to a number of individuals and property injury in anyone accident for which the insured is liable; it’s a mixed single restrict.
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