2006 New Mexico Statutes - Section 24-15-4 — Insurance.

24-15-4. Insurance.

A.     Every operator shall file with the state corporation commission [public regulation commission] and keep on file therewith proof of financial responsibility in the form of a current insurance policy in a form approved by the commission, issued by an insurance company authorized to do business in the state, conditioned to pay, within the limits of liability herein prescribed, all final judgments for personal injury or property damage proximately caused or resulting from negligence of the operator covered thereby, as such negligence is defined and limited by the Ski Safety Act [ 24-15-1 NMSA 1978]. The minimum limits of liability insurance to be provided by operators shall be as follows:   

     SKI SAFETY ACT  LIABILITY INSURANCE  LIMITS OF LIABILITY  REQUIRED MINIMUM COVERAGES  FOR INJURIES, DEATH OR DAMAGES  KIND LIMITS FOR LIMITS FOR BODILY   AND BODILY INJURY INJURY TO OR DEATH   NUMBERS TO OR OF ALL PERSONS   OF LIFTS DEATH OF INJURED OR KILLED PROPERTY  OPERATED ONE PERSON IN ANY ONE ACCIDENT DAMAGE  Not more than three        surface lifts $100,000      $300,000      $5,000  Not more than three        ski lifts, including        one or more        chair lifts 250,000      500,00      25,000  More than three        ski lifts or one        or more tramways 500,000      1,000,000      50,000.   

B.     No ski lift or tramway shall be operated in this state after the effective date of the Ski Safety Act unless a current insurance policy as required herein is in effect and properly filed with the state corporation commission [public regulation commission]. Each policy shall contain a provision that it cannot be canceled prior to its expiration date without thirty days' written notice of intent to cancel served by registered mail on the insured and on the commission.