2023 Colorado Revised Statutes › Title 42 - VEHICLES AND TRAFFIC (§§ 42-1-101 — 42-21-106) › MOTOR VEHICLE FINANCIAL RESPONSIBILITY LAW (§§ 42-7-101 — 42-7-609) › Article 7 - MOTOR VEHICLE FINANCIAL RESPONSIBILITY LAW (§§ 42-7-101 — 42-7-609) › Part 4 - PROOF OF FINANCIAL RESPONSIBILITY - JUDGMENTS AND CONVICTIONS (§§ 42-7-401 — 42-7-422) › Section 42-7-413 - Motor vehicle liability policy

(1)
"Motor vehicle liability policy", as used in this article, means a policy of liability insurance issued by an insurance carrier authorized to transact business in this state to or for the benefit of the person named therein as insured, which policy shall meet the following requirements:
(a)
The policy of liability insurance shall designate by explicit description or by appropriate reference all motor vehicles with respect to which coverage is thereby intended to be granted.
(b)
The policy of liability insurance shall insure the person named therein and any other person using or responsible for the use of said motor vehicle with the express or implied permission of said insured.
(c)
The policy of liability insurance shall insure every such person on account of the maintenance, use, or operation of the motor vehicle within the continental limits of the United States or Canada against loss from the liability imposed by law; for damages, including damages for care and loss of services arising from such maintenance, use, or operation to the extent and aggregate amount, exclusive of interest and costs, with respect to each such motor vehicle, in the amounts specified in section
42-7-103 (2)
.
(2)
When an operator's policy of liability insurance is required, it shall insure the person named therein as insured against the liability imposed by law upon the insured for bodily injury to or death of any person or damage to property to the amounts and limits set forth in paragraph (c) of subsection (1) of this section and growing out of the use or operation by the insured within the continental limits of the United States or Canada of any motor vehicle not owned by the insured.
(3)
Any liability policy issued under this section need not cover any liability of the insured assumed by or imposed upon said insured under any workers' compensation law nor any liability for damage to property in charge of the insured or the insured's employees.
(4)
Any such policy of liability insurance may grant any lawful coverage in excess of or in addition to the coverage specified in this section or contain any agreements, provisions, or stipulations not in conflict with the provisions of this article and not otherwise contrary to law.
(5)
Any motor vehicle liability policy which by endorsement contains the provisions required under this section shall be sufficient proof of ability to respond in damages.
(6)
The department may accept several policies of one or more such carriers which together meet the requirements of this section.
(7)
Any binder pending the issuance of any policy of liability insurance, which binder contains or by reference includes the provisions under this section, shall be sufficient proof of ability to respond in damages.
L. 94: Entire title amended with relocations, p. 2484, § 1, effective 1/1/1995.