Before the department may issue a permit to the owner or lessee of a bungee jumping facility, the owner or lessee of the facility shall furnish the department with proof that he has purchased insurance from an acceptable insurer in an amount of not less than one million dollars per occurrence against liability for injury to persons arising out of the use of the facility and that the policy of liability is in effect. The amount of the deductible provision in the policy of insurance is dependent upon the owner's or the lessee's proof of financial responsibility and must be established on a case-by-case basis. For purposes of this section, an acceptable insurer for a facility is an insurer which is either licensed and in good standing by the Chief Insurance Commissioner of South Carolina or approved by the Chief Insurance Commissioner as an eligible surplus lines insurer for risks located in this State. Each policy, by its original terms or an endorsement, shall obligate the insurer to give the department thirty days written notice of any proposed cancellation, suspension, or nonrenewal and a complete report of the reasons for the cancellation, suspension, or nonrenewal. In the event the liability insurance is canceled, suspended, or nonrenewed, the insurer shall give immediate written notice to the department. This section may not be construed to expand any of the rights granted the employees of the owners, operators, or lessees under the workers' compensation laws of this State.

HISTORY: 1994 Act No. 408, Section 7, eff 60 days after May 24, 1994.