SF 1168

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to commerce; amending insurance requirements for building contractors;
amending Minnesota Statutes 2006, section 326.94, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 326.94, subdivision 2, is amended to read:

Subd. 2.

Insurance.

deleted text begin Licensees must have public liability insurance with limits of
at least $100,000 per occurrence, which must include at least $10,000 property damage
coverage. deleted text end new text begin Each licensee shall have and maintain in effect commercial general liability
insurance, which includes premises and operations insurance and products and completed
operations insurance, with limits of at least $100,000 per occurrence, $300,000 aggregate
limit for bodily injury, and property damage insurance with limits of at least $25,000
or a policy with a single limit for bodily injury and property damage of $300,000 per
occurrence and $300,000 aggregate limits. new text end The insurance must be written by an insurer
licensed to do business in this state. new text begin Each licensee shall maintain on file with the
commissioner a certificate evidencing the insurance which provides that the insurance
shall not be canceled without the insurer first giving 15 days' written notice of cancellation
to the commissioner. new text end The commissioner may increase the minimum amount of insurance
required for any licensee or class of licensees if the commissioner considers it to be in the
public interest and necessary to protect the interests of Minnesota consumers.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective August 1, 2007.
new text end