Section 25-15-92. Liability insurance, bond, or other security required

   (a) No person shall operate a carnival ride unless at the time there is in existence:

   (1) A policy of insurance in an amount not less than $1 million (if an independent contractor) against liability for injury to persons arising out of the operation of the carnival ride;

   (2) A bond in a like amount; provided, however, that the aggregate liability of the surety under such bond shall not exceed the face amount thereof; or

   (3) Cash or other security acceptable to the office.

(b) Regulations under this article shall permit appropriate deductibles or self-insured retention amounts to such policies of insurance. The policy or bond shall be procured from one or more insurers or sureties acceptable to the office.

Code 1981, § 34-13-14, enacted by Ga. L. 1986, p. 330, § 2; Ga. L. 1988, p. 950, § 4; Ga. L. 1990, p. 1945, § 1; Ga. L. 1991, p. 94, § 34; Code 1981, § 25-15-92, as redesignated by Ga. L. 2012, p. 1144, § 4/SB 446.