Requirements for Liability Insurance

Section 6000.85  Requirements for Liability Insurance The owner, operator, agent or manager shall have in force liability insurance in the amounts specified in Section 2-14 of the Act. a)         Liability Insurance 1)         Proof of insurance shall be a copy of the policy or policies, including all endorsements, or a certificate of insurance issued by the insurer and filed with the Department's Amusement Ride and Attraction Safety Division. 2)         The company or companies affording coverage shall have a current Best's Financial Strength Rating of "B+" or better and a current Best's Financial Size Category of class "V" or better. 3)         Policies and certificates issued by companies not a part of the Illinois Insurance Guaranty Fund shall bear a surplus lines stamp. b)         Self-Insured Governmental Bodies 1)         A governmental body that is self-insured shall submit a Statement of Self-Insurance at least as great as those required by Section 2-14 of the Act. 2)         If the governmental body's self-insurance is not as great as required, then the body shall also submit documentation of its excess coverage, either through a conventional insurance company or an insurance pool.  If the excess coverage is through a conventional insurance carrier, then the A.M. Best ratings as stated in this Section shall apply.  If a pool is used, the pool shall be registered with the Department of Insurance, and shall submit a financial statement to the Department's Amusement Ride and Attraction Safety Division evidencing a surplus to liability ratio of at least 2.5 to 1.