§ 1025.2. Insurance forms and procedures.
(a) Forms of notice.
(1) Endorsements for policies of insurance and surety bonds, certificates of insurance or for approval of other securities or agreements shall be made through Form E.
(2) Notices of cancellation for policies of insurance, surety bonds, certificates of insurance and self-insurer status shall be made through Form K.
(3) Each provider of insurance and surety bonds shall complete and file the Authority’s Form INS-1 ‘‘Contact Information’’ upon the first filing of a Form E in each calendar year and at any time during the year when the contact information provided will change. A copy of the Form INS-1 is available on the Authority’s web site at www.philapark.org/tld.
(b) Surety bonds and certificates in effect continuously. Surety bonds and certificates of insurance must specify that coverage will remain in effect continuously until terminated, except under one of the following conditions:
(1) When filed expressly to fill prior gaps or lapses in coverage or to cover grants of emergency temporary authority of unusually short duration and the filing clearly so indicates.
(2) Urgent circumstances, when special permission is obtained from the Authority.
(c) Filing and copies.
(1) Certificates of insurance, surety bonds and notices of cancellation required by subsection (a) must be filed with the Director by email at eksubmission@philapark.org.
(2) The Authority will provide prompt notice of acceptance of filings required by this section by return email message.
(d) Name of insured. Certificates of insurance and surety bonds shall be issued in the full and correct name of the regulated party to whom the certificate, registration, or license or other right is, or is to be issued. In the case of a partnership, all partners shall be named.
(e) Cancellation notice. Except as provided in subsection (f), surety bonds, certificates of insurance and other securities or agreements may not be cancelled or withdrawn until after 30 days notice in writing has been issued by the insurance company, surety, motor carrier, broker or other party, to the Director. The period of 30 days begins from the date the Director provides notice of acceptance as provided in subsection (c)(2).
(f) Termination by replacement. Certificates of insurance and surety bonds which have been accepted by the Authority under this chapter may be replaced by other certificates of insurance, surety bonds or other security, and the liability of the retiring insurer or surety under the certificates of insurance or surety bonds shall be considered as having terminated as of the effective date of the replacement certificate of insurance, surety bond or other security, if the replacement certificate, bond or other security is acceptable to the Authority under this chapter.
(g) Refusal to accept or revocation by the Authority of surety bonds. The Authority may refuse to accept or may revoke its acceptance of a surety bond, certificate of insurance or other securities or agreements if, in its judgment, the security does not comply with this subchapter or fails to provide satisfactory or adequate protection for the public. Revocation of acceptance of a certificate of insurance, surety bond or other security does not relieve the regulated party from compliance with this subchapter.
(h) Compliance. Failure to maintain evidence of insurance on file with the Authority in accordance with this chapter may cause the rights and privileges issued to the regulated party to be placed out of service immediately as provided in § 1003.32 (relating to out of service designation). The Authority may establish rules under which suspended rights and privileges may be temporarily reinstated pending compliance with this subpart.
Cross References This section cited in 52 Pa. Code § 1029.11 (relating to professional liability insurance).
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