Hawaii § 288-5 - Bond in lieu of insurance, allowed when.

§ 288-5. Bond in lieu of insurance, allowed when.

In lieu of the policy of insurance, any common carrier who has exhausted all reasonable means of securing the foregoing insurance but has been refused the same, may deposit with the treasurer or director of finance a surety bond, payable to the county in which it is to operate, in the principal sum of $5,000, with adequate sureties justifying thereon pursuant to section 78-20, and approved by the county auditor or director of finance. If the surety or sureties on the bond are other than a surety company authorized to do business under the laws of the State, there shall be not more than four such sureties who shall severally justify in such amounts as, taken together, will aggregate the full amount of the bond. In the case of such other sureties the auditor or director of finance shall require that the sureties shall also severally deposit with the auditor or director of finance bonds, stocks, or other negotiable securities, or execute and deliver to the auditor or director of finance a deed or deeds of trust of real property, all of such character as are satisfactory to the auditor or director of finance, each surety to furnish such security to the full cash value of one hundred per cent of the amount for which the surety has so justified; provided that if there be but one personal surety the one personal surety shall so justify for the full amount of the bond. The bond shall be conditioned on the payment, up to the sum of $5,000, of any final judgment procured against the common carrier for the death of or personal injury to any person or persons or loss or damage to property of another or any accident or omission connected with the operation of the common carrier. [L 1941, c 186, §2; am L 1943, c 171, pt of §1; RL 1945, §7432; RL 1955, §160-144; HRS §288-5; gen ch 1985] Previous Vol05_Ch0261-0319 Next