71-4500 - Insurance Bond, or Other Security

71-4500. Insurance Bond, or Other Security

1. Before any permit can be issued, the owner must file with and have accepted by the Commissioner an approved Certificate of Insurance against liability for injury to persons arising out of the use of an amusement device, to be in an amount not less than that specified by South Carolina Code of Laws, 1976, Title 41, Chapter 18, as amended.

2. Evidence of insurance may be:

A. A policy of insurance procured from one or more insurers acceptable to the Chief Insurance Commissioner of South Carolina as either:

(1) Licensed to transact insurance in South Carolina;

(2) Approved as a non-admitted surplus lines carrier for risks located in this State;

B. Cash or other security acceptable to the Commissioner of Labor.

3. The Commissioner shall not accept any policy of insurance unless it shall obligate the insurer to give written notice to the Commissioner thirty (30) days before any proposed cancellation, suspension or non-renewal of the policy. The Commissioner shall make available upon request an approved endorsement form.

(Added by State Register Volume 11, Issue No. 6, effective June 26, 1987. Amended by State Register Volume 12, Issue No. 5, effective May 27, 1988; State Register Volume 17, Issue No. 5, Part 3, eff May 28, 1993.)

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