That's sorta correct. The only time they relax the rules and regs are when there is a Presidential order and an emergency declared such as after Katrina and Rita. But even then if I remember right, you can't run over 70 hours per week? You still have to run a log but don't have to go by the 11/14 hour rules. During those times no one bothers you and you can blow right on by the scales.No logs???? Whoa. I would like that too.
When you lease your truck onto a company you run under their authority, DOT & ICC numbers and usually cargo and liability while under a load. When not under dispatch you'll need your own bobtail or unladen policy. Of course you'll have to carry your own comp and collision on your truck. This will need to be a commercial policy too cuz practically no regular insurance company will cover you when they find out what you are doing.
Greg I know this is an old thread but if you're still interested in doing this holler at me. I did it for 3 years ending in Dec '06 but I'm getting ready to go back into it here very shortly. I'll give ya whatever info I can, the good and the bad too.