(2) The total liability of any guarantor shall be limited to the aggregate amount the guarantor has provided as evidence of financial responsibility to the permittee under ORS 466.105 (5) or (9). Nothing in this section shall be construed to limit any other state or federal statutory, contractual or common law liability of a guarantor to a permittee including, but not limited to, the liability of a guarantor for bad faith either in negotiating or in failing to negotiate the settlement of any claim.
(3) As used in this section, "guarantor" means any person other than the permittee, who provides evidence of financial responsibility for a permittee under ORS 466.105 (5) or (9). [1987 c.540 §3]