(a) The licensee's bond referred to in section 1308 of this chapter shall be surety bond executed by the applicant and two or more sureties, or by a surety company authorized to do business in the Virgin Islands, payable to the Government of the Virgin Islands in the sum of $50,000 conditioned upon the faithful and honest conduct and performance by the licensee of the business so licensed. If any person shall be aggrieved by the misconduct of any such licensed agency, such person may maintain an action in his own name upon the bond of said agency, in any court having jurisdiction of the amount claimed. Any remedies given by this section shall not be exclusive of any other remedy which would otherwise exist.
(b) With respect to private investigating agencies, private investigators and private detectives only, the Police Commissioner, with the approval of the Governor, may waive the bonding requirement of subsection (a) hereof, in whole or in part, if he shall find that:
(1) It is an unreasonable financial hardship for such licensee to obtain a bond as required by subsection (a) hereof for reasons other than those specified under the provisions of section 1308(b) of this title; and
(2) Such licensee provides in the alternative such commercial assurance of faithful performance, including but not limited to liability insurance, as may be required under rules and regulations promulgated by the Police Commissioner in accordance with the provisions of Title 3, chapter 35 of the Code; and
(3) Such licensee has provided such other assurance of faithful performance in the conduct of the business so licensed, in addition to that required pursuant to subsection (2) hereof, as the Police Commissioner may require with the approval of the Governor.