Section 89-07-02-22 - Proof of financial responsibilityProof of financial responsibility is made by showing to the satisfaction of the board that the permittee has the ability to respond to liability that might reasonably result from the operation for which the permit is sought. Such proof of financial responsibility may be shown by any of the following:
1. Presentation to the board or proof of purchase of a prepaid noncancelable insurance policy or a corporate surety bond, issued by a company against whom service of legal process may be made in North Dakota, against liabilities in an amount five times the value of an operation conducted under contract or in an amount five times the estimated costs of an operation not conducted under contract.2. Depositing with the board cash or negotiable securities in an amount five times the value of an operation conducted under contract or in an amount five times the estimated costs of an operation not conducted under contract.3. Any other manner approved by the board.N.D. Admin Code 89-07-02-22
Effective November 1, 1988.Amended by Administrative Rules Supplement 2014-353, July 2014, effective July 1, 2014. .General Authority: NDCC 28-32-02, 61-04.1-08(3)
Law Implemented: NDCC 61-04.1-16, 61-04.1-19