(a) No person shall operate a device subject to the provisions of this Article, unless
at the time of operation, there is in existence:
(1) A contract of insurance providing coverage of not less than one million dollars
($1,000,000) per occurrence against liability for injury to persons or property arising
out of the operation or use of the device; or
(2) A contract of insurance providing coverage of not less than five hundred thousand
dollars ($500,000) per occurrence against liability for injury to persons or property
arising out of the operation or use of the devices if the annual gross volume of the
receipts of the devices as defined in G.S. 95-111.3(b1) does not exceed two hundred seventy-five thousand dollars ($275,000).
The insurance contract to be provided must be made by an insurer or surety that is
acceptable to the North Carolina Insurance Commissioner and authorized to transact
business in this State.
(b) The Commissioner shall not issue a certificate of registration until the operator
or the operator's authorized agent provides proof of the required contract of insurance.
(c) The Commissioner may request from the operator of a device subject to the provisions
of this Article or the operator's authorized agent, proof of the required contract
of insurance, and upon failure of the operator or authorized agent to provide proof
of insurance, the Commissioner shall have the power to prevent the commencement of
or to stop the operation of the device until such time as proof is provided.
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