Requirements. A motor vehicle transporting flammable or combustible liquids in bulk for which a permit is necessary may not be operated unless the carrier maintains a liability policy or a bond for that motor vehicle. Liability Insurance. If a carrier elects liability insurance coverage, the minimum insurance required for each tank vehicle is $1,000,000 combined single limit for each accident. The minimum cargo liability insurance required for freight transported is: $5,000 for loss of or damage to property carried on any one motor vehicle; and $10,000 for the aggregate loss of or damage to property occurring at any one time. Bond Instead of Insurance. If a carrier elects a bond instead of insurance, the amount of the bond is: Determined by the number of tank vehicles covered by and described in the bond; and As set out in the following table: The bonding company shall guarantee the prompt payment by the carrier of indemnities for personal injuries or for property damage resulting from an accident due to the negligence of the carrier, to the extent of the damages sustained, but not less than $1,000,000 combined single limit for each accident. The penalty of the bond may not be exhausted by successive recoveries but shall remain unimpaired until the bond is cancelled. If the bond is cancelled or if the carrier's operation is terminated or interrupted at any time, the bonding company shall proceed to settle all then outstanding indemnity claims, as required under §C(2) of this regulation, except that the aggregate amount of the settlements may not exceed the penal sum of the bond. Compliance. A carrier 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 the insured; or A certified copy of the bond instead of the 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 is to 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 notice to the Commission and the insured before a policy or bond may be cancelled. The holder of a permit 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.