§ 5-20.5-25 - Errors and omissions insurance required of real estate licensees.
SECTION 5-20.5-25
§ 5-20.5-25 Errors and omissions insurancerequired of real estate licensees. – (a) All holders of real estate brokers' and salespersons' licenses issued bythe state department of business regulation shall, as a condition of retainingthat license, carry and maintain errors and omissions insurance covering allbusiness activities contemplated.
(b) Licensees shall obtain errors and omissions insuranceindependently. The coverage contained in the policy shall comply with theminimum requirements established by the department of business regulation.
(c) The department of business regulation shall determine theterms and conditions of coverage mandated under this section, including, butnot limited to, the minimum limits of coverage, the permissible deductible, andpermissible exemptions. The department of business regulation shall seek theassistance of the real estate commission as to the terms and conditions ofcoverage.
(d) A certificate of coverage must be filed with thedepartment of business regulation by the annual license renewal date by eachlicensee.