Liability Policy: Insolvency or Bankruptcy

No policy of liability insurance shall be issued or delivered in Guam, unless it contains provisions to the effect that the insolvency or bankruptcy of the insured shall not release the insurer from the payment of damages for injuries sustained or loss occasioned during the term of such policy, and that in case execution against the insured is returned unsatisfied in any action brought by the injured person or his heirs, because of such insolvency or bankruptcy, an action may be maintained by the injured person or his heirs or representatives against such insurer within the terms and limits of the policy for the amount of the judgment not exceeding the amount of the policy. SOURCE: GC § 43355.