5.1-88.8 - What constitutes proof of financial responsibility.
§ 5.1-88.8. What constitutes proof of financial responsibility.
The following shall constitute proof of financial responsibility as requiredby § 5.1-88.7:
1. The issuance, by an insurance company licensed to write such insurance inthe Commonwealth, of a policy of bodily injury and property damage liabilityinsurance or a policy or policies written pursuant to Chapter 48 (§ 38.2-4800et seq.) of Title 38.2, which provide coverage with respect to each airportor landing area in the amount of one million dollars covering bodily injuryand property damage liability in any one accident; or
2. The delivery to the Department of one million dollars cash or insecurities such as fiduciaries may invest in as provided by §§ 26-40.01through 26-44. Such money or securities so delivered to the Department shallbe placed by it in the custody of the State Treasurer and shall be subject toexecution to satisfy any judgment within the limits on amounts required bythis chapter for personal injury and property damage liability insurance.
(1995, cc. 682, 690.)