(1) The liability protection required by ORS 830.440 shall be provided in one of the following ways:
(a) By a policy or policies of bodily injury liability insurance described as protection and indemnity insurance in the Standard American Institute Hull Form, issued by an insurer authorized by ORS chapter 731 to transact such insurance in this state.
(b) By a bond or bonds, issued by a surety company or companies, authorized by ORS chapter 731 to transact such business in this state.
(c) By evidence of insurance issued on behalf of Lloyds of London by an insurance broker authorized by ORS chapter 731 to transact such business in this state.
(d) By any other evidence of liability protection approved by the State Marine Board.
(2) If the provider of liability protection cancels or refuses to renew the protection, the company, not less than 30 days prior to the effective date of termination of the protection, shall notify the board in writing of the termination and its effective date. Upon receipt of a liability protection termination notice, the board shall send written notice to the ocean charter vessel operator that the board will suspend that personís ocean charter vessel license unless proof of liability protection required by ORS 830.440 is filed with the board prior to the effective date of the proposed liability protection termination. The board may suspend an ocean charter vessel license if the licensee fails to maintain in full force and effect the liability protection required by ORS 830.440. A license that has been suspended pursuant to this section may not be reinstated until proof of liability protection required by ORS 830.440 has been filed with the board. [1989 c.885 §11]Section: Previous 830.390 830.410 830.415 830.420 830.430 830.435 830.440 830.445 830.450 830.460 830.475 830.480 830.485 830.490 830.495 Next
Last modified: August 7, 2008