ALJ conducts first tort valuation hearing for Taxi & Limousine Commission.
When a taxi medallion owner seeks to sell a medallion, by law, the Taxi and Limousine Commission must be satisfied that the seller has sufficient insurance and security to cover existing tort obligations that it may reasonably be expected to pay. Where there is a dispute whether liability insurance will be sufficient to cover the amount of tort damages, a hearing is held to determine whether funds from the medallion sale should be held in escrow.
Hawthorne v. Jo Vin Hacking Corp. (in PDF), OATH Index No. 3396/09, mem. dec. (Oct. 21, 2009).