This subpart sets the minimum levels of financial responsibility that must be maintained by motor carriers of property. These levels are required when operating motor vehicles in interstate, foreign, or intrastate commerce.
387.2 Applicability.
(a) This subpart applies to for-hire motor carriers operating motor vehicles transporting property in interstate or foreign commerce.
(b) This subpart applies to motor carriers operating motor vehicles transporting hazardous materials, hazardous substances, or hazardous waste in interstate, foreign, or intrastate commerce.
(c) Exception.
(1) The rules in this part do not apply to a motor vehicle that has a gross vehicle weight rating (GVWR) of less than 10,000 pounds. This exception does not apply if the vehicle is used to transport any quantity of a Division 1.1 or 1.3 explosive material, any quantity of Division 2.3, Hazard Zone A, or to any Class 7 material in interstate or foreign commerce.
(2) The rules in this part do not apply to the transportation of nonbulk oil, nonbulk hazardous materials, substances, or wastes in intrastate commerce, except for Class 7 material in intrastate commerce.
387.3 Financial responsibility required.
(a) Policies of insurance, surety bonds, and endorsements required under this section shall remain in effect continuously until terminated. Cancellation may be effected by the insurer or the insured motor carrier giving 35 days notice in writing to the other.
(b) Exception. Policies of insurance and surety bonds may be obtained for a finite period of time to cover any lapse in continuous compliance.
(c) Policies of insurance and surety bonds required under this section may be replaced by other policies of insurance or surety bonds. The retiring insurer or surety will be considered not liable for events occurring on or after the effective date of the replacement policy or bond or at the end of the 35-day cancellation period required in paragraph (a) of this section, whichever is sooner.
Question
As used in section 387.3 (a) of the regulation shown, endorsements means:
A.seals of disapproval.
B.validations or ratifications.
C.amendments to a contract.
D.signatures.
E.approbation or supports.
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In the context of section 387.3 (a) of the regulation, "endorsements" refers to:
C. amendments to a contract.
In the insurance and bonding context, endorsements are typically modifications or additions to the original policy or bond that change its terms or coverage.
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