N.J. Admin. Code § 5:12-3.9

Current through Register Vol. 56, No. 24, December 18, 2024

Section 5:12-3.9 - Insurance, bond or other security

(a) No person shall operate a passenger tramway without:

1. A policy of insurance written on a per occurrence basis in an amount not less than $1,000,000 per occurrence insuring the owner against liability for injury suffered by persons riding the tramway; or

2. A bond in an amount of not less than $1,000,000; provided, however, that the appropriate liability of the surety under such bond shall not exceed the face amount thereof. The bond shall be in such form and content as to be acceptable to the Department of Banking and Insurance.

(b) The policy shall be issued by one or more insurers acceptable to the Commissioner of Banking and Insurance that are either:

1. Licensed to write insurance in the State of New Jersey; or

2. Approved as surplus lines insurers pursuant to section 11 of P.L. 1960, c.32, the "Surplus Lines Law."

N.J. Admin. Code § 5:12-3.9

New Rule, R.2006 d.31, effective 1/17/2006.
See: 37 New Jersey Register 967(a), 38 New Jersey Register 482(a).