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HF 3943

as introduced - 90th Legislature (2017 - 2018) Posted on 03/21/2018 02:14pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to labor and industry; requiring commercial general liability insurers to
obtain proof of licensure before insuring residential builders; amending Minnesota
Statutes 2016, section 326B.86, subdivision 2.

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

Section 1.

Minnesota Statutes 2016, section 326B.86, subdivision 2, is amended to read:


Subd. 2.

Insurance.

new text begin (a) new text end 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 begin (b) new text end The insurance must be written by an insurer licensed to do business in this state.
Each licensee shall maintain on file with the commissioner a certificate evidencing the
insurance.

new text begin (c) The sale of commercial general liability insurance required under this subdivision
must include the current license number of the licensee. The insurer must verify the license
number on the commissioner's contractor licensure Web site under section 326B.701,
subdivision 4. In the event of a license suspension or termination, the commissioner shall
send written notice to the insurer named on the licensee's application or renewal application.
 new text end

new text begin (d) new text end In the event of a policy cancellation, the insurer shall send written notice to the
commissioner at the same time that a cancellation request is received from or a notice is
sent to the insured.

new text begin (e) 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.