§ 5.1-88.2. What constitutes proof of financial responsibility.
A. The following shall constitute proof of financial responsibility asrequired by § 5.1-88.1:
1. The issuance, by an insurance company licensed to write such insurance inthis Commonwealth, of a policy or policies of bodily injury and propertydamage liability insurance, or a policy or policies written pursuant toChapter 48 (§ 38.2-4800 et seq.) of Title 38.2 that provide coverage withrespect to each such aircraft in the amount of $50,000 because of bodilyinjury to or death of one person in any one accident, including passengerliability, and $100,000 because of bodily injury to or death of two or morepersons in any one accident, including passenger liability, and to a limit of$25,000 because of injury to or destruction of property of others in any oneaccident; or a single limit policy in the sum of $250,000, covering bodilyinjury and property damage liability in any one accident, including passengerliability of $50,000 per passenger seat; or
2. The execution of a bond by the licensee and by a surety company authorizedto transact business in this Commonwealth conditioned for payment in amountsand under the same circumstances as would be required in a policy of bodilyinjury liability and property damage liability insurance, as required by theprovisions of subdivision A 1 of this section; or
3. The delivery to the Department of $250,000 in cash or an irrevocableletter of credit in the amount of $250,000 from a depository institution asdefined in § 2.2-4701. Such money or securities so delivered to theDepartment shall be placed by it in the custody of the State Treasurer andshall be subject to execution to satisfy any judgment within the limits onamounts required by this chapter for personal injury and property damageliability insurance.
B. Notwithstanding the provisions of subsection A of this section, for anaircraft commonly known as an "ultralight," as the same is now and mayhereafter be defined by the Federal Aviation Administration, the proof offinancial responsibility required by § 5.1-88.1 may be satisfied by theissuance as to that aircraft of a single limit insurance policy in the sum of$100,000 covering bodily injury and property damage liability in any oneaccident, that is issued by an insurance company licensed to write suchinsurance in this Commonwealth or written pursuant to Chapter 48 (§ 38.2-4800et seq.) of Title 38.2.
(Code 1950, § 5.1-84; 1968, c. 773; 1970, c. 707; 1979, c. 272; 1984, c. 169;1992, c. 810; 2005, c. 451; 2007, c. 207.)
§ 5.1-88.2. What constitutes proof of financial responsibility.
A. The following shall constitute proof of financial responsibility asrequired by § 5.1-88.1:
1. The issuance, by an insurance company licensed to write such insurance inthis Commonwealth, of a policy or policies of bodily injury and propertydamage liability insurance, or a policy or policies written pursuant toChapter 48 (§ 38.2-4800 et seq.) of Title 38.2 that provide coverage withrespect to each such aircraft in the amount of $50,000 because of bodilyinjury to or death of one person in any one accident, including passengerliability, and $100,000 because of bodily injury to or death of two or morepersons in any one accident, including passenger liability, and to a limit of$25,000 because of injury to or destruction of property of others in any oneaccident; or a single limit policy in the sum of $250,000, covering bodilyinjury and property damage liability in any one accident, including passengerliability of $50,000 per passenger seat; or
2. The execution of a bond by the licensee and by a surety company authorizedto transact business in this Commonwealth conditioned for payment in amountsand under the same circumstances as would be required in a policy of bodilyinjury liability and property damage liability insurance, as required by theprovisions of subdivision A 1 of this section; or
3. The delivery to the Department of $250,000 in cash or an irrevocableletter of credit in the amount of $250,000 from a depository institution asdefined in § 2.2-4701. Such money or securities so delivered to theDepartment shall be placed by it in the custody of the State Treasurer andshall be subject to execution to satisfy any judgment within the limits onamounts required by this chapter for personal injury and property damageliability insurance.
B. Notwithstanding the provisions of subsection A of this section, for anaircraft commonly known as an "ultralight," as the same is now and mayhereafter be defined by the Federal Aviation Administration, the proof offinancial responsibility required by § 5.1-88.1 may be satisfied by theissuance as to that aircraft of a single limit insurance policy in the sum of$100,000 covering bodily injury and property damage liability in any oneaccident, that is issued by an insurance company licensed to write suchinsurance in this Commonwealth or written pursuant to Chapter 48 (§ 38.2-4800et seq.) of Title 38.2.
(Code 1950, § 5.1-84; 1968, c. 773; 1970, c. 707; 1979, c. 272; 1984, c. 169;1992, c. 810; 2005, c. 451; 2007, c. 207.)
§ 5.1-88.2. What constitutes proof of financial responsibility.
A. The following shall constitute proof of financial responsibility asrequired by § 5.1-88.1:
1. The issuance, by an insurance company licensed to write such insurance inthis Commonwealth, of a policy or policies of bodily injury and propertydamage liability insurance, or a policy or policies written pursuant toChapter 48 (§ 38.2-4800 et seq.) of Title 38.2 that provide coverage withrespect to each such aircraft in the amount of $50,000 because of bodilyinjury to or death of one person in any one accident, including passengerliability, and $100,000 because of bodily injury to or death of two or morepersons in any one accident, including passenger liability, and to a limit of$25,000 because of injury to or destruction of property of others in any oneaccident; or a single limit policy in the sum of $250,000, covering bodilyinjury and property damage liability in any one accident, including passengerliability of $50,000 per passenger seat; or
2. The execution of a bond by the licensee and by a surety company authorizedto transact business in this Commonwealth conditioned for payment in amountsand under the same circumstances as would be required in a policy of bodilyinjury liability and property damage liability insurance, as required by theprovisions of subdivision A 1 of this section; or
3. The delivery to the Department of $250,000 in cash or an irrevocableletter of credit in the amount of $250,000 from a depository institution asdefined in § 2.2-4701. Such money or securities so delivered to theDepartment shall be placed by it in the custody of the State Treasurer andshall be subject to execution to satisfy any judgment within the limits onamounts required by this chapter for personal injury and property damageliability insurance.
B. Notwithstanding the provisions of subsection A of this section, for anaircraft commonly known as an "ultralight," as the same is now and mayhereafter be defined by the Federal Aviation Administration, the proof offinancial responsibility required by § 5.1-88.1 may be satisfied by theissuance as to that aircraft of a single limit insurance policy in the sum of$100,000 covering bodily injury and property damage liability in any oneaccident, that is issued by an insurance company licensed to write suchinsurance in this Commonwealth or written pursuant to Chapter 48 (§ 38.2-4800et seq.) of Title 38.2.
(Code 1950, § 5.1-84; 1968, c. 773; 1970, c. 707; 1979, c. 272; 1984, c. 169;1992, c. 810; 2005, c. 451; 2007, c. 207.)
