                                 CODE OF VIRGINIA

BONDS OR INSURANCE TO BE KEPT IN FORCE (§ 5.1-117)

Each holder of a certificate or permit issued by the Commission shall also keep
in force at all times insurance or a bond underwritten by an insurer approved or
authorized to do business in Virginia, or by one who is eligible as a surplus
lines insurer in accordance with the provisions of Chapter 48 (§ 38.2-4805.1 et
seq.) of Title 38.2 in amounts of not less than the following minimum limits:
(a) liability for bodily injury to or death to any one person, passenger or
other, aboard the aircraft, $75,000; and a limit for each occurrence in any one
aircraft of at least an amount equal to the sum produced by multiplying $75,000
by seventy-five percent of the total number of passenger seats installed in the
aircraft; and for the loss or damage to cargo 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 shall not be required to file any cargo
insurance, bond or bonds for cargo liability for the hauling of property
transported under contract. However, in no event shall the limits required
herein for air common carriers be less than those prescribed for like carriers
by the Civil Aeronautics Board or the Federal Aviation Administration.

HISTORY: Code 1950, § 56-171; 1970, c. 708.