§288-5  Bond in lieu of insurance, allowed
when.  In lieu of the policy of insurance, any common carrier who has
exhausted all reasonable means of securing the foregoing insurance but has been
refused the same, may deposit with the treasurer or director of finance a
surety bond, payable to the county in which it is to operate, in the principal
sum of $5,000, with adequate sureties justifying thereon pursuant to section
78-20, and approved by the county auditor or director of finance.  If the
surety or sureties on the bond are other than a surety company authorized to do
business under the laws of the State, there shall be not more than four such
sureties who shall severally justify in such amounts as, taken together, will
aggregate the full amount of the bond.  In the case of such other sureties the
auditor or director of finance shall require that the sureties shall also
severally deposit with the auditor or director of finance bonds, stocks, or
other negotiable securities, or execute and deliver to the auditor or director
of finance a deed or deeds of trust of real property, all of such character as
are satisfactory to the auditor or director of finance, each surety to furnish
such security to the full cash value of one hundred per cent of the amount for which
the surety has so justified; provided that if there be but one personal surety
the one personal surety shall so justify for the full amount of the bond.  The
bond shall be conditioned on the payment, up to the sum of $5,000, of any final
judgment procured against the common carrier for the death of or personal
injury to any person or persons or loss or damage to property of another or any
accident or omission connected with the operation of the common carrier. [L
1941, c 186, §2; am L 1943, c 171, pt of §1; RL 1945, §7432; RL 1955, §160-144;
HRS §288-5; gen ch 1985]