Increased Minimum Limits Update for NJ
The State of New Jersey recently increased minimum limits insurance requirements for policies insuring Commercial Motor Vehicles (CMV) registered or principally garaged in New Jersey (Updated Requirements). The Updated Requirements take effect for policies written or renewing on or after July 1, 2024.
Generally, the Updated Requirements include the following total* minimum limits of liability, which must be maintained by the Policyholder, as applicable:
- $1.5 million per accident for vehicles requiring a Class A, B, or C Commercial Drivers License (CDL) to operate.
- $300,000 per accident for vehicles with a Gross Vehicle Weight Rating (GVWR) of at least 10,001 pounds but less than 26,000 pounds.
As a courtesy, Selective is providing an Important Notice to new and renewal business regarding the Updated Requirements.
The Important Notice recommends that our mutual customers thoroughly review the Updated Requirements and any future changes to assess their impact on the Policyholder’s business operations and to obtain any necessary insurance coverage to comply with financial responsibility mandates.
For our mutual customers who do not currently carry the required total minimum limits of liability insurance, additional limits of insurance may be available from Selective and are subject to underwriting review.
*These Updated Requirements, if applicable, may be satisfied using a commercial auto policy, fleet policy, commercial umbrella policy, commercial excess policy, or any combination thereof.