No license shall be issued and no renewal of an issued license shall be granted unless
and until the person applying for such license shall first file with the licensing
official a policy or policies of insurance or an original duplicate of such policy
or policies of an insurance company authorized to do business in the State of Minnesota,
insuring such person against loss in the sum of at least twenty-five thousand dollars
($25,000.00) against liability imposed by law on account of bodily injuries or death
of any one (1) person in one (1) accident (other than persons covered by any worker's
compensation law), and (subject to said limit for one (1) person) to a limit of not
less than fifty thousand dollars ($50,000.00) against liability imposed by law for
bodily injuries or death of two (2) or more persons in one (1) accident, and in the
sum of at least five thousand dollars ($5,000.00) against liability imposed by law
on account of damage to or destruction of property, except property of others in charge
of the insured, by reason of the ownership, use, maintenance or operation of any hauling
vehicle. Said policy shall provide that it may not be canceled by the insurer except
upon thirty (30) days' written notice to the licensing official. In case of cancellation
of such insurance, the license shall be suspended until such insurance has been replaced.
If the licensee operates more than one (1) vehicle, the licensee may file one (1)
policy of insurance covering all of such vehicles, which policy of insurance shall,
however, insure or indemnify the licensee as to each vehicle in the amounts hereinbefore
stated. No cancellation of a policy of insurance at the request of the named insured,
or the company, shall be effective until after the expiration of thirty (30) days'
written notice of such proposed cancellation has been filed with the licensing official,
and in the event of the cancellation of any such policy of insurance without replacement,
the license issued shall be suspended. (Code 1960, As Amend., § 772.020; 86-Or-188,
§ 2, 8-8-86; Pet. No. 251060, § 35, 12-15-89; 2013-Or-150, § 3, 12-6-13)
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