Section 096-411-7 - Evidence Of Financial CapacityA. Any transporter using a motor vehicle, except those exempt under Section 2(D) of this Chapter, shall provide to the Department, at the time of application or renewal, proof of motor vehicle insurance which provides minimum liability coverage for bodily injury or property damage as required in the Motor Vehicle Laws, Title 29.B. Any transporter not required to show proof of motor vehicle insurance, including but not limited to conveyances operated on rails, on water, or in the air, shall provide to the Department, at the time of application or renewal, proof of liability insurance coverage for bodily injury or property damage in the amount of at least $40,000.00 for any one accident.C. Proof of insurance may be in the form of an insurance policy or bond signed by an authorized representative of a company licensed to sell insurance in the State of Maine, certifying that coverage is provided pursuant to Section 7(A) and Section 7(B) above. Any transporter that is self-insured shall submit proof of self-insurance in the form of a statement, signed by an officer of a financial institution, certifying sufficient deposits to provide coverage pursuant to Section 7(A) and Section 7(B) above.D. Policies of insurance or bonds required under this Section shall remain in effect continuously throughout the term of license except during periods when a conveyance is removed from service. Cancellation of a policy or bond, by the insured or the insurer, shall not take effect until after thirty (30) days notice in writing to the Department. Said 30 days notice shall commence from the date notice is actually received by the Department. In the event that the licensee has obtained a policy or bond from another insurance company, the policy shall state that the liability of the retiring insurer or surety bond shall terminate on the effective date of the replacement policy of insurance or surety bond or at the end of the 30 day cancellation period, whichever is less.06- 096 C.M.R. ch. 411, § 7