Florida Administrative Code › 15 - DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES › 15A - Division of Driver Licenses › Chapter 15A-3 - BUREAU OF FINANCIAL RESPONSIBILITY - RULES AND REGULATIONS RELATING TO FINANCIAL RESPONSIBILITY LAW › Section 15A-3.011 - Self-Insurance

Current through Reg. 50, No. 138; July 16, 2024
(1) Persons desiring to qualify as a
				self-insurer must meet the following requirements:
(a) A natural person with private passenger
				vehicles shall possess a net unencumbered worth of at least $40, 000.
(b) A person, including any firm,
				partnership, association, corporation, or other person, other than a natural
				person, shall:
1. Possess a net unencumbered
				worth of at least $40, 000 for the first motor vehicle and $20, 000 for each
				additional motor vehicle; or
2.
				Maintain sufficient net worth to be determined as follows: at least $40, 000
				net unencumbered worth for the first motor vehicle and an amount less than the
				$20, 000 for each additional motor vehicle provided such self-insurer provides
				the Department an excess insurance policy in the amount of $25, 000, $50, 000
				or $100, 000 combined single limits, for each covered vehicle. The amount of
				net unencumbered worth to be maintained for each additional vehicle will be
				formulated annually by the Department from the "Manual of Financial
				Responsibility Rates, " (Revised 05-89, and hereby incorporated by reference),
				prepared by the Department of Insurance, based upon actuarial data from
				property and casualty insurance companies, provided by the Department of
				Insurance to the Department.
(c) The owner of a commercial motor vehicle
				as defined in Section
				 207.002(2),
				F.S., may qualify as a self-insured in the amounts listed below in accordance
				with the provisions of Section 324.171(1)(b)2., F.S.
Minimum Liability Insurance
Gross Vehicle Weight
Required Per Occurrence
Category I.
26,000-34, 999 pounds
$50,000
Category II.
35,000-43, 999 pounds
$100,000
Category III.
44,000 pounds or more
$300,000
Category IV.
Vehicles subject to United States Department of
							 Transportation Insurance Regulations
$750,000 (Minimum Federal Levels)
1. The owner of
				a commercial motor vehicle in order to qualify as a self-insured shall furnish
				the Department a certified copy of a financial statement (balance sheet
				indicating assets and liabilities) showing an unencumbered net worth for either
				of the options listed below.
a. If no excess
				insurance is provided:
(I) $50, 000 for the
				first vehicle in Category I., and $20, 000 for each vehicle
				thereafter.
(II) $100, 000 for the
				first vehicle in Category II., and $20, 000 for each vehicle
				thereafter.
(III) $300, 000 for the
				first vehicle in Category III., and $20, 000 for each vehicle
				thereafter.
(IV) $750, 000 for the
				first vehicle in Category IV., and $20, 000 for each vehicle
				thereafter.
b. If proof
				of excess insurance is provided, the self-insurer must maintain * net
				unencumbered worth for the first motor vehicle plus an additional amount of net
				unencumbered worth for each additional vehicle, such amount to be formulated
				annually by the Department from the "Manual of Financial Responsibility Rates"
				prepared by the Department of Insurance, based upon actuarial data from
				property and casualty insurance companies. In determining the amount required
				for each additional vehicle, the Department shall take into consideration
				excess insurance coverage, if such coverage is maintained by the applicant.
*Utilizing the figures of $50, 000, $100, 000, $300, 000 or
				  $750, 000 whichever is applicable to the weight of the applicant's
				  vehicles.