7 Del. Admin. Code § 1352-D-7.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 1352-D-7.0 - Insurance and Risk Retention Group Coverage

7.1 Requirements for Use of Insurance or Risk Retention Group to Comply with Financial Responsibility

7.1.1 An Owner or Operator may satisfy the requirements of PART D, Section 3.0 by obtaining liability insurance that conforms to the requirements of this Section. Such insurance may be in the form of a separate insurance policy or an endorsement to an existing insurance policy.

7.1.2 Each insurance policy shall be amended by an endorsement worded as specified in PART D, Section 22.0, Form C or evidenced by a certificate of insurance worded as specified in PART D, Section 23.0, Form D except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

7.1.3 Each insurance policy shall be issued by an insurer or a risk retention group that, at a minimum, is licensed to transact the business of insurance or eligible to provide insurance as an excess or surplus lines insurer in one or more States and has a current Standard & Poor's rating of AAA, AA, A or BBB, or a current Moody's rating of Aaa, Aa, A or Baa.

7 Del. Admin. Code § 1352-D-7.0

20 DE Reg. 815 (4/1/2017) (Final)