Virginia law requires licensees and certificate holders in transportation services to maintain bonds or letters of credit to cover claims for damages or losses resulting from breaches of contracts. The law mandates notification to the Department when claims are made, paid, or bonds are canceled, and specifies the release process for sureties. Additionally, advertising transportation services without proper licensing is prohibited.
They must maintain a bond or letter of credit to cover claims for damages or breaches, with specific notification and release procedures.
The surety is released 60 days after submitting a written request to the Department, provided all liabilities are settled before that date.
No, advertising transportation services without obtaining the necessary license, permit, or certificate is prohibited by law.
Notifications must include the claim amount, circumstances, effective date, and reason for bond cancellation.