Va. Code Ann. tit. 5.1, ch. 8.2

in effect

Va. Code Ann. § 5.1-88.7 Proof of financial responsibility to be furnished for licensed airports or landing areas

No airport or landing area shall be licensed by the Department unless and until the applicant thereof furnishes proof of financial responsibility at least in the amounts required by this chapter. Private-use airports required to be licensed by virtue of being located within five miles of a licensed public-use airport shall not be required to provide proof of financial responsibility. 1995, cc. 682 , 690 ; 2007, c. 206 .

Va. Code Ann. § 5.1-88.8 What constitutes proof of financial responsibility

The following shall constitute proof of financial responsibility as required by § 5.1-88.7 : 1. The issuance, by an insurance company licensed to write such insurance in the Commonwealth, of a policy of bodily injury and property damage liability insurance or a policy or policies written pursuant to Chapter 48 ( § 38.2-4805.1 et seq.) of Title 38.2, which provide coverage with respect to each airport or landing area in the amount of one million dollars covering bodily injury and property damage liability in any one accident; or 2. The delivery to the Department of one million dollars cash or in securities such as fiduciaries may invest in as provided by §§ 64.2-1502 through 64.2-1505 . Such money or securities so delivered to the Department shall be placed by it in the custody of the State Treasurer and shall be subject to execution to satisfy any judgment within the limits on amounts required by this chapter for personal injury and property damage liability insurance. 1995, cc. 682 , 690 .

Va. Code Ann. § 5.1-88.9 Certain sections of Code incorporated by reference; definitions

The provisions of §§ 46.2-424 , 46.2-447 through 46.2-452 , 46.2-456 through 46.2-458 , 46.2-461 , and 46.2-463 shall apply to all policies of insurance or other evidence of financial responsibility hereunder except that whenever the word "Commissioner" appears in any of said sections it shall be taken to mean the Director of the Department of Aviation; and whenever the word "Department" or "Department of Motor Vehicles" appears, it shall also be taken to mean the Department of Aviation and "vehicle" or "motor vehicle" shall be taken to mean "aircraft." 1995, cc. 682 , 690 .

Va. Code Ann. § 5.1-88.10 Cancellation of insurance

No policy of insurance issued pursuant to this chapter may be canceled or terminated, except for nonpayment of premiums, until at least thirty days after notice of cancellation or termination of said policy of insurance has been filed in the office of the Department, except that a subsequent policy procured and certified to the Department shall on the effective date thereof terminate the insurance previously in effect with respect to any airport designated in both policies. If a policy is canceled for nonpayment of premiums, notice of cancellation shall be filed in the office of the Department. 1995, cc. 682 , 690 .

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/title5.1/chapter8.2/Fetched: 10/16/2026