Amount Of Insurance

(1) Board licensees and applicants shall maintain general liability insurance as follows: (a) In the case of all home improvement contractor applicants or licensees, or if a general contractor applicant’s or a licensee’s monetary limit is between the amounts of zero dollars ($0) and five hundred thousand dollars ($500,000), then the applicant or licensee shall obtain a general liability insurance policy in an amount not less than one hundred thousand dollars ($100,000). (b) If an applicant’s or a licensee’s monetary limit is between the amounts of five hundred thousand one dollar ($500,001) and one million five hundred thousand dollars ($1,500,000), then the applicant or licensee shall obtain a general liability insurance policy in an amount not less than five hundred thousand dollars ($500,000). (c) If an applicant’s or a licensee’s monetary limit is one million five hundred thousand one dollar ($1,500,001) or more, then the applicant or licensee shall LICENSING CONTRACTORS CHAPTER 0680-6 obtain a general liability insurance policy in an amount of not less than one million dollars ($1,000,000).