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Ch. 13
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LAWS OF MARYLAND
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344
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PROPERTY OF THIS STATE OR OF THE ADMINISTRATION.
REVISOR'S NOTE: This section presently appears as
Art. 64B, §49.
In subsection (a) of this section, the present
references to "directors" and "officers" are
deleted as obsolete; in this regard, see
General Revisor's Note to this title.
The only other changes are in style.
As to the defense of sovereign immunity by a
State agency in an action in contract,
generally, see, also, Art. 41, §10A of the
Code.
7-703. INSURANCE.
(A) PROPERTY AND LIABILITY INSURANCE REQUIRED.
THE ADMINISTRATION SHALL SELF INSURE OR PURCHASE
AND MAINTAIN INSURANCE AGAINST:
(1) LOSS OR DAMAGE TO ITS PROPERTY; AND
(2) LIABILITY FOR INJURY TO PERSONS OR
PROPERTY.
(B) LOSS OF REVENUE INSURANCE PERMITTED.
THE ADMINISTRATION MAY PURCHASE INSURANCE AGAINST
LOSS OF REVENUE FROM ANY CAUSE.
(C) FORM AND AMOUNT OF INSURANCE COVERAGE.
SUBJECT TO THE REQUIREMENTS OF ANY AGREEMENT IN
CONNECTION WITH THE ISSUANCE BY THE ADMINISTRATION OF ITS
OBLIGATIONS, ALL INSURANCE COVERAGE SHALL BE IN THE FORM
AND AMOUNT THAT THE ADMINISTRATION DETERMINES.
(D) INSURANCE FOR LEASED PROPERTY.
(1) EACH LEASE OF ADMINISTRATION PROPERTY
SHALL REQUIRE THE LESSEE TO PURCHASE, MAINTAIN, AND PAY
FOR INSURANCE THAT:
(I) REASONABLY PROTECTS THE ADMINISTRATION
FROM LIABILITY RELATED TO THE PROPERTY; AND
(II) INSURES THE LEASED PROPERTY IN THE NAME
OF THE ADMINISTRATION FOR ITS FULL INSURABLE VALUE
AGAINST ALL REASONABLE AND INSURABLE RISKS.
(2) EACH LEASE OF ADMINISTRATION PROPERTY
SHALL REQUIRE THE LESSEE TO INDEMNIFY AND HOLD THE
ADMINISTRATION HARMLESS FOR THE NEGLIGENCE OF THE LESSEE,
ITS AGENTS, AND ITS EMPLOYEES.
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