An applicant for a licence must get specified liability insurance and give the registrar a certificate of insurance with detailed policy information.
1. In this Regulation, “liability insurance” means financial compensation provided for in a contract entered into between an applicant and an insurer in respect of payments for third party bodily injury or death, third party property damage excluding damage to cargo, passenger liability, and named perils pollution arising out of the applicant's operation of a railway. O. Reg. 301/96, s. 1. 2. An applicant for a licence must obtain liability insurance that, (a) is usual and customary for similar operations in Canada and subject to a primary limit of not less than $10 million dollars per occurrence; (b) is endorsed to provide that the Crown in right of Ontario as represented by the Minister of Transportation, and the Crown in right of Canada as represented by the Minister of Transport are included as additional insured relatives to the operations of the company; and (c) has a standard cross liability clause. O. Reg. 301/96, s. 2. 3. (1) An applicant for a licence must provide the registrar with a certificate of insurance that indicates the name and address of the shortline railway company, name and address of the insurance broker or agent, policy number, date of issuance, date of effectiveness, date of expiry, policy amount and details for coverage disclosing any self-insured retention, endorsement of the Minister, cross liability and all exclusions or limitations. O. Reg. 301/96, s. 3 (1). (2) In this section, “self-insured retention” means a deductible that represents the amount of risk for which the insured takes financial responsibility under an insurance contract. O. Reg. 301/96, s. 3 (2). 4. Omitted (provides for coming into force of provisions of this Regulation). O. Reg. 301/96, s. 4.