1788.47—Policy requirements.
(a)
Contractors, engineers, and architects performing work for borrowers under construction, engineering, and architectural service contracts shall obtain insurance coverage, as required in § 1788.48, and maintain it in effect until work under the contracts is completed.
(b)
Contractors entering into construction contracts with borrowers shall furnish a contractors' bond, except as provided for in § 1788.49, covering all of the contractors' undertaking under the contract.
(c)
Borrowers shall make sure that their contractors, engineers, and architects comply with the insurance and bond requirements of their contracts.