§ 8-544. Filing; contents.

Every person operating public motor conveyances as provided in this article shall execute, file and keep with the county mayor of the county in which the business, or any part thereof, is to be carried on, the following, which shall be renewed annually, payable to the state, with surety approved by the county mayor, for each car operated:

(1)

A written proof of liability insurance coverage provided by a single limit policy with a limit of not less than $60,000.00 applicable to one accident;

(2)

A split-limit policy with a limit of not less than $25,000.00 for bodily injury to or death of one person, not less than $50,000.00 for bodily injury to or death of two or more persons in any one accident, and not less than $10,000.00 for damage to property in any one accident;

(3)

A deposit of cash in the amount of $60,000.00; or

(4)

The execution and filing of a bond in the amount of $60,000.00;

which shall be for the benefit of the public and shall bind the principal and obligor or insurer to make compensation for injury to persons, whether passengers or not, and loss of or damage to property, resulting from the negligent operation of such motor vehicles, and any person injured, or whose property is damaged by such operation of such vehicle, shall have the right to institute suit jointly in the courts of this state against the owner, or operator, of such vehicle and the obligor or insurer.

(Code 1992, § 7-454; Priv. Acts 1925, ch. 729, § 3)

State law reference

Similar provisions, T.C.A. § 55-12-105.