9.1-144 - Bond or insurance required; actions against bond. - Virginia Statutes

§ 9.1-144. Bond or insurance required; actions against bond.

A. Every person licensed as a private security services business undersubsection A of § 9.1-139 or certified as a private security servicestraining school under subsection B of § 9.1-139 shall, at the time ofreceiving the license or certification and before the license orcertification shall be operative, file with the Department (i) a cash bond orevidence that the licensee or certificate holder is covered by a surety bond,executed by a surety company authorized to do business in the Commonwealth,in a reasonable amount to be fixed by the Department, conditioned upon thefaithful and honest conduct of his business or employment; or (ii) evidenceof a policy of liability insurance in an amount and with coverage as fixed bythe Department. The bond or liability insurance shall be maintained for solong as the licensee or certificate holder is licensed or certified by theDepartment.

B. If any person aggrieved by the misconduct of any person licensed orcertified under subsection A or B of § 9.1-139 recovers judgment against thelicensee or certificate holder, which judgment is unsatisfied in whole or inpart, such person may bring an action in his own name on the bond of thelicensee or certificate holder.

(1976, c. 737, § 54-729.31; 1988, c. 765, § 54.1-1905; 1992, c. 578, §9-183.6; 1998, cc. 122, 807; 2001, c. 844.)