§ 17-40-308 - License -- Insurance prerequisite. - Arkansas Statutes

17-40-308. License -- Insurance prerequisite.

(a) No Class B, Class C, or general license shall be issued to a company under this chapter unless the applicant files with the Arkansas Board of Private Investigators and Private Security Agencies proof of a policy of continuing public liability insurance in a sum not less than five hundred thousand dollars ($500,000), conditioned to compensate any person for damages, including, but not limited to, bodily injury, caused by wrongful acts of the principal or its servants, officers, agents, and employees in the conduct of any business licensed by this chapter.

(b) No Class B or Class C license shall be issued to an armored car company unless the applicant files with the board proof of a valid and continuing policy of armored car cargo insurance protecting customers' valuables in a sum not less than five hundred thousand dollars ($500,000).

(c) (1) All Class E licensees shall maintain in force at all times while licensed a public liability insurance policy, with minimum limits of liability of three hundred thousand dollars ($300,000). All Class F licensees shall maintain in force at all times while licensed a public liability insurance policy, with minimum limits of liability of one hundred thousand dollars ($100,000).

(2) All alarm systems businesses which issue Underwriters' Laboratories certificates for local mercantile, central station, or police connected alarms shall maintain in force at all times a public liability insurance policy in an amount of at least three hundred thousand dollars ($300,000).

(3) Proof of such insurance must be provided to the board upon request.

(4) This section will not pertain to alarm systems businesses that do not sell, install, or service alarm systems.