N.J. Admin. Code § 11:3-30.7

Current through Register Vol. 56, No. 11, June 3, 2024

Section 11:3-30.7 - Surety bond requirement

(a) The Commissioner may require the furnishing of a surety bond and/or evidence of excess insurance.

(b) If the applicant or certificate holder is required to furnish a surety bond, the surety bond shall be in an amount of not less than $ 300,000, with an additional $ 10,000 for each vehicle registered or leased in the applicant's or certificate holder's name over the minimum required to qualify as self-insurer under this subchapter, up to a maximum amount of $ 1,000,000.