(a) (1) A home inspector is required to carry a professional liability insurance policy or an errors and omissions insurance policy approved by the State Insurance Department for the home inspections performed by the home inspector.(2) Coverage limits shall be not less than one hundred thousand dollars ($100,000).
(1) A home inspector is required to carry a professional liability insurance policy or an errors and omissions insurance policy approved by the State Insurance Department for the home inspections performed by the home inspector.
(2) Coverage limits shall be not less than one hundred thousand dollars ($100,000).
(b) All policies and certificates shall provide that cancellation or renewal of the policy shall not be effective unless and until at least ten (10) days' notice of cancellation or nonrenewal has been received in writing by the State Board of Appraisers, Abstracters, and Home Inspectors.
(c) If the insurance coverage required under this subchapter shall cease to be effective, the insured home inspector shall be required to notify the board in writing, of any lapses in coverage.
(d) (1) After notification, the registration of the affected home inspector shall be suspended until the insurance is reinstated or replaced.(2) The suspension shall be noted on the home inspector's listing on the board's internet site.
(1) After notification, the registration of the affected home inspector shall be suspended until the insurance is reinstated or replaced.
(2) The suspension shall be noted on the home inspector's listing on the board's internet site.