The $300,000 relief is a test of the whole fleet, not of the truck
CVC 34631.5(a)(1) sets the general figure: every motor carrier of property as defined in CVC 34601, except those subject to paragraphs (2), (3) or (4), “shall provide and thereafter continue in effect adequate protection against liability imposed by law upon those carriers for the payment of damages in the amount of a combined single limit of not less than seven hundred fifty thousand dollars ($750,000)” for bodily injury or death, or damage to or destruction of property other than property being transported by the carrier for any shipper or consignee.
Paragraph (2) is the smaller figure, and how it is drafted decides who gets it: “Every motor carrier of property, as defined in Section 34601, who operates only vehicles under 10,000 pounds GVWR and who does not transport any commodity subject to paragraph (3) or (4), shall provide and thereafter continue in effect adequate protection … in an amount not less than three hundred thousand dollars ($300,000).”
The subject of that sentence is the carrier, and the test is “who operates only vehicles under 10,000 pounds GVWR”. It is not a per-vehicle rate table. An operator with a single light van qualifies. The same operator who adds one truck rated above the line loses the relief across the whole operation, including for the van, and moves to the higher figure.
That is a materially different structure from a laddered schedule, and it produces a specific and avoidable surprise. A carrier that buys one heavier unit for occasional work has not bought a higher requirement for that unit; it has changed the requirement for the business. For a hot shot operation the question is usually academic — a one-ton pickup rated to pull a loaded gooseneck is over the line by itself — but for a mixed light fleet adding its first hot shot rig, it is the whole answer.
The remaining paragraphs are commodity ladders rather than size ones. Paragraph (3) sets figures for an intrastate carrier transporting petroleum products in bulk, including waste petroleum: not less than five hundred thousand dollars for bodily injury to one person, subject to a total of not less than one million dollars for more than one person in any one accident, and not less than two hundred thousand dollars for property damage other than property being transported, or a combined single limit of not less than one million two hundred thousand dollars. Paragraph (4) sets a hazardous-materials table with combined single limits of one million dollars and five million dollars depending on the material and the packaging, including a five million dollar row for hazardous substances or compressed gas carried in tanks with capacities in excess of 3,500 water gallons.