Virginia § 5.1-118 - Policies, bonds or certificates to be filed with Commission; securities deposited in lieu thereof
Full text of Virginia Code of Virginia § 5.1-118 — Policies, bonds or certificates to be filed with Commission; securities deposited in lieu thereof, with citation guidance and answers to common questions.
§ 5.1-118. Policies, bonds or certificates to be filed with Commission; securities deposited in lieu thereof
Each holder of a certificate or permit issued by the Commission shall keep on file with the Commission an insurance policy, bond or certificate of insurance in lieu thereof, certifying that such policy or bond covers the liability of such air carrier in accordance with the provisions of this article, issued by an insurance company or association or other insurer authorized to transact business in this Commonwealth, and such insurance, bond or certificate of insurance filed with the Commission shall be kept in full force at all times. The policy, bond or certificate of insurance shall remain in the files of the Commission six months after the insurance or bond has expired or has been cancelled for any cause. If federal, state or municipal bonds are deposited with the State Treasurer in lieu thereof, such bonds shall remain so deposited until six months after the authority for use of equipment insured has expired or is cancelled for any cause, unless otherwise ordered by the Commission.
Code 1950, § 56-172; 1970, c. 708; 1975, c. 211.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 5.1-118
What does Code of Virginia § 5.1-118 cover?
Section 5.1-118 ("Policies, bonds or certificates to be filed with Commission; securities deposited in lieu thereof") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 5.1-118?
A common citation format is "Code of Virginia § 5.1-118" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 5.1-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.