27 CAR § 3-104. Bond in lieu of liability contract or certificate of insurance

(a) In lieu of a liability contract or certificate of insurance, a taxicab owner may file a bond from a solvent surety company licensed to do business in Arkansas. (b) A bond provided under subsection (a) of this section shall: (1) Be in the form approved by the Secretary of the Department of Finance and Administration; (2) Be in an amount not less than two hundred fifty thousand dollars ($250,000) for all claims for the taxicab owner or operator's fleet; and (3) Not be required to provide uninsured motorist coverage. (c) If a bond becomes insufficient for any reason, the taxicab owner or operator shall have seven (7) days to restore it to the full amount or shall be required to provide a liability contract or certificate of insurance.