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§ 7-703. Insurance coverage requirements

West's Annotated Code of MarylandTransportation

West's Annotated Code of Maryland
Transportation
Title 7. Mass Transit (Refs & Annos)
Subtitle 7. Miscellaneous Provisions (Refs & Annos)
MD Code, Transportation, § 7-703
§ 7-703. Insurance coverage requirements
Currentness
Loss or damage to property and liability insurance
(a) The Administration shall self insure or purchase and maintain insurance against:
(1) Loss or damage to its property; and
(2) Liability for injury to persons or property.
Insurance against loss of revenue
(b) The Administration may purchase insurance against loss of revenue from any cause.
Form and amount of insurance
(c) Subject to the requirements of any agreement in connection with the issuance by the Administration of its obligations, all insurance coverage shall be in the form and amount that the Administration determines.
Lease of Administration property
(d)(1) Each lease of Administration property shall require the lessee to purchase, maintain, and pay for insurance that:
(i) Reasonably protects the Administration from liability related to the property; and
(ii) Insures the leased property in the name of the Administration for its full insurable value against all reasonable and insurable risks.
(2) Each lease of Administration property shall require the lessee to indemnify and hold the Administration harmless for the negligence of the lessee, its agents, and its employees.

Credits

Added by Acts 1977, c. 13, § 2, eff. July 1, 1977.
Formerly Art. 64B, § 44.
MD Code, Transportation, § 7-703, MD TRANS § 7-703
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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