Washington Revised Code Title 19. Business Regulations--Miscellaneous § 19.28.501. Insurance/financial responsibility

(3)(a) Proof of financial responsibility authorized in this section may be given by providing, in the amount required by subsection (1) of this section, an assigned account acceptable to the department. The assigned account shall be held by the department to satisfy any execution on a judgment issued against the contractor for damage to property or injury or death to any person occurring in the contractor's contracting operation, according to the provisions of the assigned account agreement. The department shall have no liability for payment in excess of the amount of the assigned account.

(b) The assigned account filed with the director as proof of financial responsibility shall be canceled three years after:

(c) If a contractor chooses to file an assigned account as authorized in this section, the contractor shall, on a contracting project, notify each person with whom the contractor enters into a contract or to whom the contractor submits a bid, that the contractor has filed an assigned account in lieu of insurance and that recovery from the account for any claim against the contractor for property damage or personal injury or death occurring on the project requires the claimant to obtain a court judgment.