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Coverage Amounts Bodily Injury Liability A. $100,000 per person Protection B. $300,000 per occurrence for 1-12 seating capacity $500,000 per occurrence for over 12 seating capacity Property Damage Liability $50,000 per occurrence Protection Combined Single Limit $1,000,000 per occurrence Basic No-Fault Benefits Statutory (Personal injury protection) Uninsured Motorist Insurance Statutory (ob) During the entire term of this Agreement, the Carrier shall EITHER: 1. Maintain Physical Damage insurance covering each vehicle provided to the Carrier, with an insurance company or companies authorized and qualified to do such business in the State of New York as follows: Coverage Limits Maximum Deductible Collision Actual Cash Value $1,000 Comprehensive Actual Cash Value $1,000 OR 2. Maintain as a demand deposit in a bank, trust company or industrial bank chartered to conduct business in the State of New York, an amount of money at all times equal to the five year straight line depreciated cost of each vehicle provided to the Carrier. The Carrier shall certify annually to the Contractor and the Department that such an account is being maintained, the name and location of the bank, trust company or industrial bank where maintained, the total amount in such account, and the vehicles covered thereby. None of the funds required to be maintained in any such account by this Agreement shall be withdrawn from such account or expended without written approval thereof by the Department first having been obtained by the Carrier. The Department shall not authorize any such withdrawal or expenditure except in cases where the funds to be withdrawn and expended are to be applied toward the repair or replacement if the vehicles covered thereby under this provision, and the Department may impose additional requirements to assure such use.