§ 38.2-2200. Required provisions as to insolvency or bankruptcy, and as to when action maintained against insure...
No policy or contract insuring or indemnifying against liability for injury to or the death of any person, liability for injury to or destruction of property, or liability for injury to the economic interests of any person, shall be issued or delivered in the Commonwealth unless it contains in substance the following provisions or other provisions that are at least equally favorable to the insured and to judgment creditors:
1. That the insolvency or bankruptcy of the insured, or the insolvency of the insured's estate, shall not relieve the insurer of any of its obligations under the policy or contract.
2. That if execution on a judgment against the insured or his personal representative is returned unsatisfied in an action brought to recover damages for injury sustained or for loss or damage incurred during the life of the policy or contract, then an action may be maintained against the insurer under the terms of the policy or contract for the amount of the judgment not exceeding the amount of the applicable limit of coverage under the policy or contract.
(Code 1950, § 38-238; 1952, c. 317, § 38.1-380; 1986, c. 562; 2005, c. 290.)
Sections: 38.2-2200 38.2-2201 38.2-2202 38.2-2203 38.2-2204 38.2-2205 38.2-2205.1 38.2-2206 38.2-2207 38.2-2208 38.2-2209 38.2-2210 38.2-2211 38.2-2212 38.2-2212.1 NextLast modified: April 3, 2009