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sreysrahw

Texas Code Sec 601.053 Evidence of financial responsibility

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Re:  SEC.601.053 Evidence of Financial Responsibility:   

 

We plan to have a fleet of 20 vehicles, under the above driver code of Texas we understand that you can obtain a certificate of financial resposibility via other means such as a bond in lieu of an insurance policy.  

 

Does anyone have more information on executing this alternate method of establishing financial responsibility.  

 

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The section you cited requires:

 

Quote

a surety bond certificate issued under Section 601.121 ;

 

Section 601.121 is at:

 

https://codes.findlaw.com/tx/transportation-code/transp-sect-601-121.html

 

Do you think you can get two people to put up their homes or commercial buildings to guarantee that you'll pay what could amount to hundreds of thousands of dollars for an injury claim caused by one of your drivers?

 

I spent 35 years in the insurance industry. I GUARANTEE (in all caps) that, with 20 vehicles you will have at least one at-fault accident per year that will cost you anywhere from a few thousand to hundreds of thousands. You WILL pay that money out of your pocket to keep your "sureties" from losing their properties and coming after you for reimbursement.

 

Buy insurance. Anything else is a fool's errand.

 

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