Oregon’s Department of Transportation Services (DMV) is alerting insurance producers that write towing companies of a new requirement for towers to maintain proof of insurance with the DMV.
In 2007, the state Legislature passed Senate Bill 116, which regulates towing company practices. There were a number of changes for towers including notice requirements, disclosure of pricing and restrictions on monitoring of parking facilities, which became effective on Jan. 1, 2008.
Under the new law, the tower must provide an original certificate of insurance to the DMV at the time they apply for or renew their towing business certificate. The certificate of insurane must include the policy number, expiration date, vehicle identification number, show that the person is insured by a policy that provides the minimum amounts and limits of coverage required by ORS825, and be issued by an insurance company licensed in Oregon.
Senate Bill 116 also increased amount of insurance coverage the tower must maintain for cargo transported by the person from $15,000 to $50,000. And insurance companies must provide the department with a written notice of cancellation of a tower’s insurance policy.
Notices of cancellation should be sent to:
DMV Tower Insurance Cancellation Desk
1905 Lana Ave N E
Salem, OR 97314
To view the bill detailing requirements, visit: http://www.leg.state.or.us/bills_laws/. Select Senate Bill 116 in either HTML or PDF format. Questions also can be directed to DMV Vehicle Programs at 503-945-5243.
Source: DMV
Topics Oregon
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
GM Ends OnStar Driver Safety Program After Privacy Complaints 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
Former Congressman Charged After Collision with State Trooper in Florida 
