OAR 740-040-0010
Insurance
(1)
Insurance required in compliance with ORS 825.160 (Liability insurance of carriers) or 825.166 (Deposit of securities or letter of credit) must provide for payment of any final judgment recovered against the carrier for bodily injury to or the death of any person or for damage to property resulting from negligence in the operation, maintenance, ownership or use of the vehicle involved, except injury to or death of the name insured’s employees while engaged in the course of their employment, and loss of or damage to property owned or operated by or in the care, custody or control of the name insured, and property transported by the named insured, designated as cargo, and to any obligation for which the named insured may be held liable under any workers’ compensation law.(2)
The liability of the insurer as to each vehicle must be a continuing one notwithstanding any recovery under the policy.(3)
Prior to operating, carriers or persons engaged solely in intrastate commerce shall file an insurance policy of public liability and property damage or a signed certificate of insurance signed by the carrier’s insurer with the Department. Such policy of insurance or certificate of insurance signed by the carrier’s insurer shall be effective and retained on file for the duration of the time operating.(4)
Carriers formerly engaged in interstate commerce that change operations and engage solely in intrastate commerce shall cause to be filed within 30 days of the date the Department is notified of such change, an insurance policy of public liability and property damage or a signed certificate of insurance signed by the carrier’s insurer with the Department. Such policy of insurance or certificate of insurance signed by the carrier’s insurer shall show that the carrier’s insurance was effective at the time of the change in operations and remained effective for the duration of the time operated. Failure to file within 30 days of notification from the Department is cause for revocation or suspension of the carrier’s certificate or permit.(5)
If for any reason the evidence of insurance becomes insufficient, the certificate or permit of the concerned carrier shall immediately, and by operation hereof, be suspended.
Source:
Rule 740-040-0010 — Insurance, https://secure.sos.state.or.us/oard/view.action?ruleNumber=740-040-0010.