N.M. Admin. Code § 18.3.3.11
Current through Register Vol. 35, No. 24, December 23, 2024
Section 18.3.3.11 - MAXIMUM DEDUCTIBLE LIMIT 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; orB. 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.N.M. Admin. Code § 18.3.3.11
18.3.3.11 NMAC - N, 12-30-02; A, 1-1-05, Amended by New Mexico Register, Volume XXVI, Issue 03 February 13, 2015, eff. 2/13/2015, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024