S.C. Code Regs. § 103-173
Current through Register Vol. 48, No. 3, March 22, 2024
Section 103-173 - Cargo Insurance or Surety Bond Required of Motor Carrier1. Terms of Insurance or Bond and Minimum Limits. Before any Class E Certificate can be issued and before any motor carrier operations can be conducted thereunder, the Class E motor carrier must procure a cargo insurance policy or cargo surety bond from an insurance company licensed or admitted to do business in this state and mail to the ORS evidence of such insurance or bond on forms prescribed by 23A S.C. Code Ann. Regs. 38-447, such policy or bond being conditioned upon such carrier making compensation to shippers or consignees for loss of or damage to all property belonging to shippers or consignees which comes into the possession of such carrier in connection with its transportation service within South Carolina, regardless of whether the policy or bond specifically describes the motor vehicle or not. Within the limits of liability herein after set forth, it is further required that no condition, provision, stipulation, or limitation contained in the policy or bond or in any endorsement thereon or violation thereof shall affect in any way the right of any shipper or consignee, or relieve the insurance or bonding company from liability for the payment of any claim for which the insured may be held legally liable to compensate shippers or consignees, irrespective of the financial responsibility or lack thereof or insolvency or bankruptcy of the insured. Moreover, the liability of the insurance or bonding company extends to such losses or damages whether occurring on the route or in the territory authorized to be served by the insured or elsewhere in South Carolina. Furthermore, the liability of the insurance or bonding company for the following minimum limits shall be a continuing one notwithstanding any recovery hereunder: a. | For loss of or damage to property carried on any one motor vehicle ..................................................... | $2,500.00 |
b. | For loss of or damage to or aggregate of losses or damages of or to property occurring at any one time and place ....... | $5,000.00 |
2. Carriers of Extremely Low Valued Commodities Excepted. Motor carriers who possess authority to haul only commodities of extremely low value are not required to comply with the provisions of this rule.
Amended by State Register Volume 32, Issue No. 5, eff May 23, 2008.