Form FR 302. Application for Self Insurance - Virginia

Form FR 302. Application for Self Insurance serves as an application for self-insurance status in Virginia. The primary purpose of this form is to allow qualified entities to demonstrate their financial ability to self-insure for liability and property damage coverage instead of obtaining traditional insurance policies.

The parties involved in this form are the entity applying for self-insurance and the Virginia Department of Motor Vehicles (DMV). The form consists of sections where the entity provides information about its financial stability and ability to assume liability for potential claims.

Important fields in this form include the entity's name, business address, financial statements, and documentation proving its financial stability. The form may also require details about the number and types of vehicles the entity intends to self-insure.

An example scenario where this form would be used is when a large corporation or government entity seeks to self-insure its fleet of vehicles. By using this form, the entity can demonstrate its financial capacity to cover potential damages and injuries resulting from accidents involving its vehicles.

When filling out this form, the entity must provide comprehensive and accurate financial information to satisfy the DMV's requirements for self-insurance. Additionally, the entity may need to meet certain financial criteria set by the DMV.

No specific additional documents are mentioned for this form. Related forms could include other applications or declarations related to insurance coverage. An alternative could be obtaining traditional insurance policies from licensed insurance providers instead of self-insuring.