No policy or contract insuring or indemnifying against liability for injury to or the death of any person, liability for injury to or destruction of property, or liability for injury to the economic interests of any person, shall be issued or delivered in the Commonwealth unless it contains in substance the following provisions or other provisions that are at least equally favorable to the insured and to judgment creditors:
1. That the insolvency or bankruptcy of the insured, or the insolvency of the insured's estate, shall not relieve the insurer of any of its obligations under the policy or contract.
2. That if execution on a judgment against the insured or his personal representative is returned unsatisfied in an action brought to recover damages for injury sustained or for loss or damage incurred during the life of the policy or contract, then an action may be maintained against the insurer under the terms of the policy or contract for the amount of the judgment not exceeding the amount of the applicable limit of coverage under the policy or contract.
Code 1950, § 38-238; 1952, c. 317, § 38.1-380; 1986, c. 562; 2005, c. 290.
Structure Code of Virginia
Chapter 22 - Liability Insurance Policies
§ 38.2-2202. (Effective until July 1, 2023) Required notice of optional coverage available
§ 38.2-2202. (Effective July 1, 2023) Required notice of optional coverage available
§ 38.2-2205.1. Suspension of liability coverage at insured's request
§ 38.2-2206. (Effective until July 1, 2023) Uninsured motorist insurance coverage
§ 38.2-2206. (Effective July 1, 2023) Uninsured motorist insurance coverage
§ 38.2-2207. No policy to exclude coverage to employee
§ 38.2-2208. Notices of cancellation of or refusal to renew motor vehicle insurance policies
§ 38.2-2212.1. Powers of Commission; replacement policies
§ 38.2-2213. Discrimination in issuance of motor vehicle insurance
§ 38.2-2214. Statement defining rate classifications to be provided by insurer to insured
§ 38.2-2216. Medical benefit offset against liability or uninsured motorist coverage prohibited
§ 38.2-2217.1. Insurers required to renew motor vehicle liability coverage for vanpools; exceptions
§ 38.2-2218. Adoption of standard forms for motor vehicle insurance
§ 38.2-2219. Hearing on objections to the form
§ 38.2-2220. Use of form after adoption
§ 38.2-2221. Amendment of standard form
§ 38.2-2222. Withdrawal of form
§ 38.2-2223. Variations of, or additions to, form
§ 38.2-2225. Sending copies of orders to companies affected
§ 38.2-2226.1. Insurer to give notice of settlement of claim
§ 38.2-2228.2. Certain medical malpractice claims to be reported to the Commission
§ 38.2-2229. Claims-made liability insurance
§ 38.2-2230. Mandatory offer of rental reimbursement coverage
§ 38.2-2231. Physical damage arbitration between insurers; alternate forums
§ 38.2-2232. Liability insurance on private pleasure watercraft; optional coverage
§ 38.2-2233. Installment payments of motor vehicle insurance
§ 38.2-2234. Insurance credit score disclosure; use of credit information