N.M. Admin. Code § 18.19.8.11

Current through Register Vol. 35, No. 24, December 23, 2024

Section 18.19.8.11 - PROOF OF FINANCIAL RESPONSIBILITY

A. A person applying for a special permit shall submit to the DOT proof of financial responsibility as required by New Mexico law.

B. An applicant shall submit a certificate of insurance issued by an insurance carrier authorized to transact business in this state in accordance with public regulation commission requirements. The certificate of insurance shall indicate the following minimum coverage:

(1) bodily injury liability in the amounts of $50,000 for each person and $100,000 for each accident; and

(2) property damage liability in the amount of $25,000 for each accident.

C. A certificate of insurance shall identify:

(1) the vehicle covered by year, make, type, capacity, license number and serial number or indicate that the vehicle is included under an all owned, non-owned and hired vehicle clause;

(2) the effective dates of coverage; and

(3) the name and address of the insured.

D. The DOT may accept other evidence of financial responsibility that shows compliance with the certification, operating authority and insurance requirements of the public regulation commission; provided that the minimum liability coverage required by this section is met.

E. An applicant or permittee shall notify the DOT in writing of any material change or cancellation of insurance coverage at least 10 days prior to the effective date of such change or cancellation. The DOT shall void any outstanding special permits if insurance is canceled and not replaced before the expiration date noted on the special permit.

F. If the required insurance coverage is not on file with the DOT, the special permit application will be held in abeyance until satisfactory proof of coverage is provided.

N.M. Admin. Code § 18.19.8.11

10/14/92, 9/15/98; 18.19.8.11 NMAC - Rn & A, 18 NMAC 19.8.10.2, 9/14/00, Adopted by New Mexico Register, Volume XXVII, Issue 03, February 12, 2016, eff. 2/12/2016, Amended by New Mexico Register, Volume XXXIII, Issue 10, May 24, 2022, eff. 6/1/2022