S.C. Code Regs. § 103-170

Current through Register Vol. 48, No. 3, March 22, 2024

Section 103-170 - Insurance Policy or Surety Bond Required

1. Before any certificate can be issued and before any motor carrier operations can be conducted thereunder, the motor carrier must provide and have accepted by the ORS evidence of insurance policy or surety bond from an insurance company licensed or admitted to do business in South Carolina or self-insurance in the amounts hereinafter prescribed, which policy or bond shall be conditioned to pay any final judgment recovered against such motor carrier for bodily injuries to or death of any person and/or for loss of or damage to property of others resulting from the negligent operation, maintenance, or use of motor vehicles in transportation subject to the Motor Vehicle Carrier Law, regardless of whether the policy or bond specifically describes such motor vehicle or not. The ORS shall accept evidence of self-insurance in compliance with S.C. Code Ann. Section 56-9-60. Upon failure of the insurance or bonding company to pay any such final judgment recovered against the insured, the judgment creditor may maintain an action in any court of competent jurisdiction against the insurance or bonding company to compel such payment. The bankruptcy or insolvency of the insured shall not relieve the insurance or bonding company of any of its obligations hereunder. The liability of the insurance or bonding company shall extend to such losses, damages, injuries, or deaths whether occurring on the route or in the territory authorized to be served by the insured or elsewhere within the boundaries of South Carolina. The liability of the insurance or bonding company on each motor vehicle whether such vehicle is specifically described in the policy or bond or not shall be a continuing one notwithstanding any recovery thereunder. Furthermore, nothing contained in the policy or bond or any endorsement attached thereto, nor the violation of any of the provisions of the policy or bond or of any endorsement attached thereto, shall relieve the insurance or bonding company from liability under the policy or bond or from the payment of any final judgment recovered against the insured.

2. Notwithstanding the language in Regulation Regulation 103-170(1), the ORS shall accept evidence of an insurance policy, surety bond, or other insurance, including self-insurance, or any other evidence that the public is protected from bodily injury or property damage, which has been filed with and accepted by the STB, in lieu of an insurance policy or surety bond from a company licensed or admitted to do business in South Carolina. The provisions of this regulation shall apply only in the case where the carrier is operating on an interstate basis only.

S.C. Code Regs. 103-170

Amended by State Register Volume 12, Issue No. 5, eff May 27, 1988; State Register Volume 19, Issue No. 5, eff May 26, 1995; State Register Volume 22, Issue No. 6, Part 3, eff June 26, 1998; State Register Volume 32, Issue No. 5, eff May 23, 2008.