Maryland Code, BUSINESS REGULATION 3-403
Terms Used In Maryland Code, BUSINESS REGULATION 3-403
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- including: means includes or including by way of illustration and not by way of limitation. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) The insurance shall be in the amount of at least:
(i) $350,000 for an amusement ride that operates by mechanical means; or
(ii) $200,000 for:
1. an amusement ride that operates only by human power or gravity, including a water slide or water flume; or
2. any other amusement attraction.
(b) An amusement owner shall obtain insurance from an insurer or surety that is acceptable to the State Insurance Commissioner.
(c) (1) A county where an amusement attraction is located may buy, on behalf of a nonprofit organization, the amount of insurance required under this section for the amusement attraction.
(2) A county that merely buys insurance for an amusement owner is immune from liability under § 5-516 of the Courts and Judicial Proceedings Article.
(d) (1) This subsection applies to a nonprofit community service corporation that:
(i) is incorporated under Maryland law;
(ii) is authorized to collect charges or assessments by a covenant running with the land; and
(iii) has gross annual revenues of at least $15,000,000.
(2) A nonprofit community service corporation complies with the insurance requirements of this section for an amusement attraction that the corporation owns and operates if the corporation is self-insured for at least $1,000,000 against liability for injury that arises out of the use of the amusement attraction:
(i) under regulations that the State Insurance Commissioner adopts; or
(ii) until the State Insurance Commissioner adopts regulations, with the approval of the State Insurance Commissioner, if the corporation is authorized by a covenant running with the land to collect a payment or charge based on the value of real property.
(3) A nonprofit community service corporation that elects to self-insure shall submit periodically in writing to the State Insurance Commissioner the conditions of self-insurance.
(4) The conditions of self-insurance must:
(i) be approved by the State Insurance Commissioner; and
(ii) conform with the conditions of comprehensive liability insurance policies available in the private market.