198B.595 Proof of liability and workers' compensation insurance coverage. - Kentucky Statutes

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198B.595 Proof of liability and workers' compensation insurance coverage. (1) The commissioner shall not issue a license under KRS 198B.560 and 198B.580, unless the fire protection sprinkler contractor applicant files with the commissioner
proof of liability insurance coverage of not less than two hundred and fifty thousand
dollars ($250,000) one person/maximum and five hundred thousand dollars
($500,000) one accident/maximum and workers' compensation insurance as
provided for in KRS Chapter 342. (2) The workers' compensation insurance required by this section must be in the form of certificate of insurance executed by an insurer authorized to do business in this
state. The liability insurance required by this section shall be liability insurance that
covers the legal liability of the licensed person as the result of erroneous acts or
failure to act in his or her capacity as a fire protection sprinkler contractor or system
designer and shall be in the form of certificate of insurance executed by an insurer
authorized to do business in this state or exported by a licensed surplus lines broker
to an eligible carrier pursuant to KRS 304.10-020 to 304.10-210. Insurance
certificates filed with the commissioner under this section shall remain in force until
the insurer has terminated future liability by a thirty (30) day notice to the
commissioner. (3) Failure to maintain the insurance required hereunder constitutes grounds for denial, suspension or revocation of a license under KRS 198B.620 by the commissioner. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 280, effective July 15, 2010. -- Amended 2005 Ky. Acts ch. 182, sec. 6, effective June 20, 2005. -- Amended 2002 Ky. Acts
ch. 101, sec. 1, effective July 15, 2002. -- Created 1984 Ky. Acts ch. 383, sec. 10,
effective July 13, 1984.