§ 46.2-2143. Surety bonds, insurance, letter of credit or securities requiredprior to issuance of registration; amounts.
A. No certificate of public convenience and necessity, permit, identificationmarker, registration card, or license plate shall be issued by the Departmentto any vehicle operated by a motor carrier until the motor carrier certifiesto the Department that the vehicle is covered by:
1. An insurance policy or bond;
2. A certificate of insurance in lieu of the insurance policy or bond,certifying that such policy or bond covers the liability of such motorcarrier in accordance with the provisions of this article, is issued by anauthorized insurer, or in the case of bonds, is in an amount approved by theDepartment. The bonds may be issued by the Commonwealth of Virginia, theUnited States of America, or any municipality in the Commonwealth. Such bondsshall be deposited with the State Treasurer and the surety shall not bereduced except in accordance with an order of the Department;
3. An unconditional letter of credit, issued by a bank doing business inVirginia, for an amount approved by the Department. The letter of creditshall be in effect so long as the motor carrier operates motor vehicles inthe Commonwealth; or
4. In the case of a lessor who acts as a registrant for purposes ofconsolidating lessees' vehicle registration applications, a statement thatthe registrant has, before leasing a vehicle, obtained from the lessee aninsurance policy, bond, or certificate of insurance in lieu of the insurancepolicy or bond and can make available said proof of insurance coverage upondemand.
Vehicles belonging to carriers who have filed proof of financialresponsibility in accordance with the single state registration systemauthorized by 49 U.S.C. § 14504 or the unified carrier registration systemauthorized by 49 U.S.C. § 14504a are deemed to have fulfilled therequirements of this article for insurance purposes, provided there is onboard the vehicle a copy of an insurance receipt issued pursuant to thefederal regulations promulgated pursuant to 49 U.S.C. § 14504 or 14504a. TheDepartment is further authorized to issue single state registration system orunified carrier registration system receipts to any qualified carrier as wellas to collect and disperse the fees for and to qualified jurisdictions.
B. All motor carriers shall keep in force at all times insurance, a bond orbonds, in an amount required by this section.
C. The minimum public liability financial responsibility requirements formotor carriers operating in intrastate commerce shall be $750,000. Theminimum insurance for motor carriers operating in interstate commerce shallequal the minimum required by federal law, rule, or regulation. The minimumcargo insurance required for motor carriers operating in intrastate commerceshall be $50,000. Motor carriers engaged exclusively in the transportation ofbulk commodities shall not be required to file any cargo insurance, bond orbonds for cargo liability. Any motor carrier that meets the minimum federalfinancial responsibility requirements and also operates in intrastatecommerce may submit, in lieu of a separate filing for its intrastateoperation, proof of the minimum federal limits, provided that (i) bothinterstate and intrastate operations are insured, (ii) the public liabilityfiled is at least $750,000, and (iii) any cargo insurance requirements ofthis section have been met.
§ 46.2-2143. Surety bonds, insurance, letter of credit or securities requiredprior to issuance of registration; amounts.
A. No certificate of public convenience and necessity, permit, identificationmarker, registration card, or license plate shall be issued by the Departmentto any vehicle operated by a motor carrier until the motor carrier certifiesto the Department that the vehicle is covered by:
1. An insurance policy or bond;
2. A certificate of insurance in lieu of the insurance policy or bond,certifying that such policy or bond covers the liability of such motorcarrier in accordance with the provisions of this article, is issued by anauthorized insurer, or in the case of bonds, is in an amount approved by theDepartment. The bonds may be issued by the Commonwealth of Virginia, theUnited States of America, or any municipality in the Commonwealth. Such bondsshall be deposited with the State Treasurer and the surety shall not bereduced except in accordance with an order of the Department;
3. An unconditional letter of credit, issued by a bank doing business inVirginia, for an amount approved by the Department. The letter of creditshall be in effect so long as the motor carrier operates motor vehicles inthe Commonwealth; or
4. In the case of a lessor who acts as a registrant for purposes ofconsolidating lessees' vehicle registration applications, a statement thatthe registrant has, before leasing a vehicle, obtained from the lessee aninsurance policy, bond, or certificate of insurance in lieu of the insurancepolicy or bond and can make available said proof of insurance coverage upondemand.
Vehicles belonging to carriers who have filed proof of financialresponsibility in accordance with the single state registration systemauthorized by 49 U.S.C. § 14504 or the unified carrier registration systemauthorized by 49 U.S.C. § 14504a are deemed to have fulfilled therequirements of this article for insurance purposes, provided there is onboard the vehicle a copy of an insurance receipt issued pursuant to thefederal regulations promulgated pursuant to 49 U.S.C. § 14504 or 14504a. TheDepartment is further authorized to issue single state registration system orunified carrier registration system receipts to any qualified carrier as wellas to collect and disperse the fees for and to qualified jurisdictions.
B. All motor carriers shall keep in force at all times insurance, a bond orbonds, in an amount required by this section.
C. The minimum public liability financial responsibility requirements formotor carriers operating in intrastate commerce shall be $750,000. Theminimum insurance for motor carriers operating in interstate commerce shallequal the minimum required by federal law, rule, or regulation. The minimumcargo insurance required for motor carriers operating in intrastate commerceshall be $50,000. Motor carriers engaged exclusively in the transportation ofbulk commodities shall not be required to file any cargo insurance, bond orbonds for cargo liability. Any motor carrier that meets the minimum federalfinancial responsibility requirements and also operates in intrastatecommerce may submit, in lieu of a separate filing for its intrastateoperation, proof of the minimum federal limits, provided that (i) bothinterstate and intrastate operations are insured, (ii) the public liabilityfiled is at least $750,000, and (iii) any cargo insurance requirements ofthis section have been met.
§ 46.2-2143. Surety bonds, insurance, letter of credit or securities requiredprior to issuance of registration; amounts.
A. No certificate of public convenience and necessity, permit, identificationmarker, registration card, or license plate shall be issued by the Departmentto any vehicle operated by a motor carrier until the motor carrier certifiesto the Department that the vehicle is covered by:
1. An insurance policy or bond;
2. A certificate of insurance in lieu of the insurance policy or bond,certifying that such policy or bond covers the liability of such motorcarrier in accordance with the provisions of this article, is issued by anauthorized insurer, or in the case of bonds, is in an amount approved by theDepartment. The bonds may be issued by the Commonwealth of Virginia, theUnited States of America, or any municipality in the Commonwealth. Such bondsshall be deposited with the State Treasurer and the surety shall not bereduced except in accordance with an order of the Department;
3. An unconditional letter of credit, issued by a bank doing business inVirginia, for an amount approved by the Department. The letter of creditshall be in effect so long as the motor carrier operates motor vehicles inthe Commonwealth; or
4. In the case of a lessor who acts as a registrant for purposes ofconsolidating lessees' vehicle registration applications, a statement thatthe registrant has, before leasing a vehicle, obtained from the lessee aninsurance policy, bond, or certificate of insurance in lieu of the insurancepolicy or bond and can make available said proof of insurance coverage upondemand.
Vehicles belonging to carriers who have filed proof of financialresponsibility in accordance with the single state registration systemauthorized by 49 U.S.C. § 14504 or the unified carrier registration systemauthorized by 49 U.S.C. § 14504a are deemed to have fulfilled therequirements of this article for insurance purposes, provided there is onboard the vehicle a copy of an insurance receipt issued pursuant to thefederal regulations promulgated pursuant to 49 U.S.C. § 14504 or 14504a. TheDepartment is further authorized to issue single state registration system orunified carrier registration system receipts to any qualified carrier as wellas to collect and disperse the fees for and to qualified jurisdictions.
B. All motor carriers shall keep in force at all times insurance, a bond orbonds, in an amount required by this section.
C. The minimum public liability financial responsibility requirements formotor carriers operating in intrastate commerce shall be $750,000. Theminimum insurance for motor carriers operating in interstate commerce shallequal the minimum required by federal law, rule, or regulation. The minimumcargo insurance required for motor carriers operating in intrastate commerceshall be $50,000. Motor carriers engaged exclusively in the transportation ofbulk commodities shall not be required to file any cargo insurance, bond orbonds for cargo liability. Any motor carrier that meets the minimum federalfinancial responsibility requirements and also operates in intrastatecommerce may submit, in lieu of a separate filing for its intrastateoperation, proof of the minimum federal limits, provided that (i) bothinterstate and intrastate operations are insured, (ii) the public liabilityfiled is at least $750,000, and (iii) any cargo insurance requirements ofthis section have been met.
