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(1) A person that holds a lien on a vehicle used by a transportation network driver to provide transportation network services may submit a claim to the division for payment from the fund for physical damage to the vehicle.
(2) The division shall pay a claim for payment from the fund to a person that holds a lien on a vehicle described in Subsection (1) for physical damage to the vehicle if:
(a) the physical damage to the vehicle occurred during a waiting period or a prearranged ride;
(b) the lien complies with Section 41-1a-601;
(c) the person required the transportation network driver, by contract, to maintain insurance coverage for physical damage to the vehicle;
(d) the insurance coverage described in Subsection (2)(c):
(i) names the person as the loss payee;
(ii) was in effect at the time the physical damage occurred; and
(iii) denied coverage to the person as the loss payee on the sole basis that the transportation network driver used the vehicle to provide transportation network services in the state; and
(e) the division determines, no earlier than 10 days after the day on which the person makes the claim, that:
(i) no other insurance is available from the relevant transportation network company; and
(ii) the fund has enough money to cover the cost of the claim.
(3) If the division grants a claim to a person for a lien on a transportation network driver's vehicle under Subsection (2), the fund shall pay the person the lesser of, as estimated by the division:
(a) the cost to repair the vehicle;
(b) the actual cash value of the vehicle less any salvage costs; or
(c) the amount of money in the fund.
(4) The division may not accept or pay a claim under this section after the balance of the fund is zero.