GVRTA must notify CDOT of service changes that may affect fleet use or performance. GVRTA must also notify CDOT if an active service fleet vehicle has been out of service for 90 consecutive calendar days due to maintenance or service issues.
If a FTA or State funded vehicle is either stolen or in an accident and deemed a total loss by the insurance company, GVRTA will notify appropriate CDOT staff. GVRTA will also file the appropriate insurance claims and the insurance company will determine the vehicle’s fair market value at the time of incident. CDOT will be copied on all insurance claim documents as well as any subsequent correspondence between GVRTA and the insurance agent.
When an insurance settlement is received (either by CDOT if listed as loss payee and lien holder, or GVRTA), the funds will be returned to GVRTA to purchase a replacement vehicle, as required by CDOT.
CDOT will determine the remaining proportionate federal/state and local share from the insurance proceeds and assign continuing federal/state interest based on that proportionate share.
GVRTA is to then request the damaged or loss vehicle’s title from CDOT. Upon receipt of the replacement vehicle, CDOT must be listed as the lien holder on the title of the new vehicle for the remaining federal or state interest period defined.
