4923.08 Liability insurance.
4923.08 Liability insurance.
No permit shall be issued by the public utilities commission to any private motor carrier until there has been filed with the commission a liability insurance certificate, policy, or bond satisfactory to the commission, in such sum and with such provisions as the commission deems necessary adequately to protect the public, having due regard for the number of persons and amount of property affected. Such certificate, policy, or bond shall insure the private motor carrier and each employer authorized in its permit against loss sustained by reason of the death of or injury to persons and the loss of or damage to property resulting from the negligence of such carrier or its agents or employees. Such certificate, policy, or bond shall provide that ten days’ notice in writing shall be given to the commission and to each such employer of such carrier of intention to cancel such certificate, policy, or bond. If such certificate, policy, or bond is canceled during its term or lapses for any reason, the commission shall require such carrier to replace such certificate, policy, or bond with another fully complying with the requirements of this section. In default of such replacement, all operations under the permit shall cease immediately and further operations shall not be conducted without the specific approval of the commission, which may be given after the private motor carrier has complied with this section. The commission shall not reinstate such permit until satisfactory insurance certificate, policy, or bond has been filed.
Effective Date: 01-23-1963