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Alaska Statutes Title 8. Business and Professions § 08.88.172. Errors and omissions insurance

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson shall, as a condition of licensing, carry and maintain errors and omissions insurance to cover activities for which licensing is required under AS 08.88.161.

(b) The department shall establish by regulation the terms and conditions of the errors and omissions insurance required by this section, including

(1) coverage requirements;

(2) limits of coverage;

(3) the maximum amount of premium to be charged licensees under a master errors and omissions policy under (d) of this section; and

(4) the method for adjusting these amounts based on the Consumer Price Index.

(c) A licensee may obtain the errors and omissions insurance required by (a) of this section by

(1) obtaining a master insurance policy that may be made available to licensees by the commission; or

(2) independently obtaining errors and omissions insurance that complies with the requirements established under (b) of this section.

(d) The commission may

(1) solicit bids for a master errors and omissions insurance policy for licensees that meets the minimum terms and conditions established under (b) of this section using a competitive sealed bid process under AS 36.30 (State Procurement Code); and

(2) charge a licensee a reasonable administration fee to recover costs incurred in connection with the solicitation made under (1) of this subsection.

(e) Repealed by SLA 2016, ch. 39, § 4, eff. Jan. 1, 2018.

(f) A licensee seeking to obtain or renew a license shall certify to the commission that errors and omissions insurance has been obtained. A licensee who elects to independently obtain errors and omissions insurance shall provide a certificate of coverage with the application to obtain or renew a license.

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Cite this article: FindLaw.com - Alaska Statutes Title 8. Business and Professions § 08.88.172. Errors and omissions insurance - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-8-business-and-professions/ak-st-sect-08-88-172/

Read this complete Alaska Statutes Title 8. Business and Professions § 08.88.172. Errors and omissions insurance on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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