Requirements. A motor vehicle carrying passengers for which a permit is necessary may not be operated unless the owner maintains a liability insurance policy or bond for that vehicle. The required insurance shall have a term of coverage of 6 months or more. Liability Insurance. The minimum per accident insurance required for each motor vehicle with a seating capacity of seven passengers or less is: $50,000 for injury to any one person, $100,000 for injuries to two or more persons, and $20,000 for property damage; or $120,000 combined single limit. The minimum per accident insurance required for each motor vehicle with a seating capacity between eight to 15 passengers is: $75,000 for injury to any one person, $200,000 for injuries to two or more persons, and $50,000 for property damage; or $250,000 combined single limit. The minimum per accident insurance required for each vehicle with a seating capacity of 16 passengers or more is: $75,000 for injury to any one person, $400,000 for injuries to two or more persons, and $100,000 for property damage; or $500,000 combined single limit. Bond Instead of Insurance. If an owner of a motor vehicle used to carry passengers elects a bond instead of insurance, the amount of the bond is: Determined by the number of vehicles covered by and described in the bond; Determined by the designed passenger seating capacity of the motor vehicle; and As set out in the following table: The bonding company shall guarantee the prompt payment by the owner of indemnities for personal injuries or for property damage resulting from any accident due to the negligence of the operator, to the extent of the damages sustained, but not less than the amounts described under §B of this regulation whichever section applies to the owner. The penalty of the bond instead of insurance may not be exhausted by successive recoveries but shall remain unimpaired until the bond is cancelled. If the bond instead of insurance is cancelled or if the owner's operation is terminated or interrupted at any time, the bonding company shall proceed to make settlement of all then outstanding indemnity claims, in conformity with the limitations of §C(2) of this regulation except that the aggregate amount of the settlements may not exceed the penal sum of the bond instead of insurance. Compliance. An owner shall file with the Commission: An original certificate of insurance signed by an authorized agent of an insurance company, indicating that the policy has been issued, specifying the terms of the policy and the name of insured; or A certified copy of the bond instead of insurance showing similar information. The insurance company and the insurance broker shall be licensed to do business in Maryland as required by Insurance Article, Annotated Code of Maryland. The Public Service Commission shall be shown as a certificate holder on the liability insurance policy. The certificate of insurance shall list, either typed on the face of the certificate or on the insurance company letterhead attached to the certificate, the year, make, and serial number of each motor vehicle that is covered by the insurance policy. Notice. A liability insurance policy or bond instead of insurance under this regulation shall contain a clause requiring at least 10 days written notice to the Commission and the insured before a policy or bond may be cancelled. The holder of a permit authorizing the transportation of passengers shall give the Commission at least 10 days written notice of any proposed change affecting the liability insurance policy or bond instead of insurance required by this regulation.