Kentucky Statutes 223.430 – Liability coverage — Surety bond
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(1) Each application for issuance or renewal of a certificate shall be accompanied by a proof of either split limits liability coverage for bodily injury of at least twenty-five thousand dollars ($25,000) per person with an aggregate of at least fifty thousand dollars ($50,000) and for property damage of at least fifty thousand dollars ($50,000) per accident with an aggregate of at least one hundred thousand dollars ($100,000), or single limits liability coverage of not less than one hundred thousand dollars ($100,000) for all damages whether arising out of bodily injury or damage to property as a result of any one (1) accident or occurrence. Notice shall be given by certified mail to the executive secretary and treasurer of the board by the insurer upon lapse of coverage by the insurance company for any reason, including nonpayment of premiums.
(2) Prior to the issuance of a driller certificate, proof of a surety bond must be filed along with the application for a certificate. The penal sum of this bond shall be five thousand dollars ($5,000), with the applicant designated as the principal obligor and the Commonwealth designated as the obligee. The surety may be called on by the secretary if the certified individual violates any design standards adopted as administrative regulations pursuant to KRS § 223.420 or 223.435 or provision of KRS § 223.405 to KRS § 223.460. The surety bond shall be used for the express purposes of correcting the violations. Notice of lapse of coverage for any reason by the surety shall be given by certified mail to the executive secretary and treasurer of the board by the surety.
(3) A water well driller’s assistant shall work under the liability insurance and surety bond of the supervising certified water well driller, as required under subsections (1) and (2) of this section, unless the water well driller’s assistant provides the cabinet proof that he or she obtained liability insurance or a surety bond.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 4, sec. 4, effective June 27, 2019. — Amended
1992 Ky. Acts ch. 212, sec. 4, effective July 14, 1992. — Amended 1986 Ky. Acts ch.
249, sec. 1, effective April 3, 1986. — Created 1984 Ky. Acts ch. 215, sec. 7, effective July 13, 1984.
(2) Prior to the issuance of a driller certificate, proof of a surety bond must be filed along with the application for a certificate. The penal sum of this bond shall be five thousand dollars ($5,000), with the applicant designated as the principal obligor and the Commonwealth designated as the obligee. The surety may be called on by the secretary if the certified individual violates any design standards adopted as administrative regulations pursuant to KRS § 223.420 or 223.435 or provision of KRS § 223.405 to KRS § 223.460. The surety bond shall be used for the express purposes of correcting the violations. Notice of lapse of coverage for any reason by the surety shall be given by certified mail to the executive secretary and treasurer of the board by the surety.
Terms Used In Kentucky Statutes 223.430
- Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
(a) Sending the document or package. See Kentucky Statutes 446.010 - Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
(3) A water well driller’s assistant shall work under the liability insurance and surety bond of the supervising certified water well driller, as required under subsections (1) and (2) of this section, unless the water well driller’s assistant provides the cabinet proof that he or she obtained liability insurance or a surety bond.
Effective: June 27, 2019
History: Amended 2019 Ky. Acts ch. 4, sec. 4, effective June 27, 2019. — Amended
1992 Ky. Acts ch. 212, sec. 4, effective July 14, 1992. — Amended 1986 Ky. Acts ch.
249, sec. 1, effective April 3, 1986. — Created 1984 Ky. Acts ch. 215, sec. 7, effective July 13, 1984.