Section 129.21. Insurance and bond requirements.

 

(1)  A commercial rider education school shall do all of the following:

(a) Hold minimum insurance of not less than $500,000 because of bodily injury to or death of one person in any one accident and, subject to that limit for one person, to a limit of not less than $500,000 because of bodily injury to or death of 2 or more persons in any one accident and, if the accident has resulted in injury to or destruction of property, to a limit of not less than $50,000 because of injury to or destruction of property of others in any one accident.

(b) Adjust the insurance amounts under par. (a) every 5 years by multiplying the requirement amounts by the percentage increase of the consumer price index from January 1, 2007 to January 1 of the next fifth year [2012, 2017] and adding that amount to the amounts in par. (a) rounded to the nearest $10,000 increment.

(c) Maintain a standard liability insurance of not less than $500,000.

(d) File certification of insurance with the department with the application for license.

(e) Require the insurance carrier to notify the department not less than 30 days before the policy expires or is materially changed or canceled.

(2)  The school shall obtain a surety bond or provide an acceptable alternative based on size. - See PDF for table

(3)  Customer shall apply to bond company if obligations of the training contract cannot be met.

(4)  A copy of the bond or evidence of acceptable alternative shall be provided to the department with the application for license.

History: CR 07-084 : cr. Register February 2008 No. 626 , eff. 3-1-08.