Bill 3254

                    Current Status

Bill Number:               3254
Ratification Number:       383
Act Number                 324
Introducing Body:          House
Subject:                   Relating to insurance and bonds for
                           persons engaged in the liquefied petroleum gas
                           business

(A324, R383, H3254)

AN ACT TO AMEND SECTION 39-43-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE AND BONDS FOR PERSONS ENGAGED IN THE LIQUEFIED PETROLEUM GAS BUSINESS, SO AS TO INCREASE THE MINIMUM LIABILITY INSURANCE FOR BODILY INJURY OR DEATH, PROVIDE FOR COMBINED BODILY INJURY AND PROPERTY COVERAGE AND TO PROVIDE THAT A STANDARD CERTIFICATE OF INSURANCE SIGNED BY A SOUTH CAROLINA AGENT SHALL BE ADEQUATE EVIDENCE OF COVERAGE REQUIRED UNDER THE SECTION.

Be it enacted by the General Assembly of the State of South Carolina:

Dealer, etc., to obtain insurance

Section 1. Section 39-43-60 of the 1976 Code is amended to read:

"Section 39-43-60. (a) Every dealer, subdealer or branch dealer engaging in any of the activities referred to in Section 39-43-40 shall, as a prerequisite to obtaining a license, obtain insurance with companies licensed to do business in this State which shall cover motor vehicle liability, employer's liability, or workers' compensation, as applicable, manufacturer's or contractor's liability, including product's liability insurance, and any other exposures which, in the opinion of the Board, are necessary in the public interest; and such liability insurance, except for workers' compensation coverage acquired by the licensee, and except for employers' liability coverage, shall be in such amounts as the Board may prescribe, but not less than twenty-five thousand dollars for bodily injury to or death of any one person in any one accident, and subject to such limit for a single person, nor less than one hundred thousand dollars for bodily injury to or death of two or more persons as the result of any one accident, and not less than twenty-five thousand dollars for damage to the property of others or a combined single limit of one hundred thousand dollars for bodily injury and property damage. Employers' liability insurance certified hereunder shall not afford benefits that are less than benefits that would be available through workers' compensation insurance if the employer were covered under The South Carolina Workers' Compensation Law.

(b) If the applicant for license furnishes the Board with an affidavit setting forth that he is not and will not be exposed to one more of the liabilities covered by the insurance referred to in this section, then the Board may waive the certification of the type of insurance covering liabilities for which he has no exposure. Any applicant for license who is covered by workers' compensation insurance will not be required to have employers' liability insurance certified. The insurance carrier shall certify to the Board by a standard certificate of insurance signed by an agent duly qualified to do business in South Carolina that the coverages required in this section are in effect and will not be cancelled by the insurance carrier without at least thirty days' notice to the Board by registered mail.

(c) In lieu of insurance, an applicant for license may furnish a bond of a licensed surety company which shall be approved as to form and sufficiency by the Attorney General in the amount of one hundred thousand dollars. The bond shall be conditioned to pay any final judgment entered against the applicant for license in a court of competent jurisdiction in this State, and to pay any liability arising during the term of the bond. Any such judgment obtained shall be in lien upon the bond.

Time effective

Section 2. This act shall take effect upon the approval by the Governor.