5.1-117 - Bonds or insurance to be kept in force. - Virginia Statutes

§ 5.1-117. Bonds or insurance to be kept in force.

Each holder of a certificate or permit issued by the Commission shall alsokeep in force at all times insurance or a bond underwritten by an insurerapproved or authorized to do business in Virginia, or by one who is eligibleas a surplus lines insurer in accordance with the provisions of Chapter 48 (§38.2-4800 et seq.) of Title 38.2 in amounts of not less than the followingminimum limits: (a) liability for bodily injury to or death to any oneperson, passenger or other, aboard the aircraft, $75,000; and a limit foreach occurrence in any one aircraft of at least an amount equal to the sumproduced by multiplying $75,000 by seventy-five percent of the total numberof passenger seats installed in the aircraft; and for the loss or damage tocargo owned by other than the insured, at least $10,000 for each occurrence;provided, however, that a holder of a permit issued by the Commission shallnot be required to file any cargo insurance, bond or bonds for cargoliability for the hauling of property transported under contract. However, inno event shall the limits required herein for air common carriers be lessthan those prescribed for like carriers by the Civil Aeronautics Board or theFederal Aviation Administration.

(Code 1950, § 56-171; 1970, c. 708.)