Maximum Deductible Limit

No insurance policy shall have a deductible in excess of five thousand dollars ($5,000), unless the department approves a higher deductible for a motor carrier that provides: A. a surety bond in an amount equal to the difference between five thousand dollars ($5,000) and the amount of the higher deductible; or B. a copy of the motor carrier’s self-insured policy coverage for an amount equal to or greater than the amount of the higher deductible.