Alaska Stat. § 08.88.172
This is the official text of Alaska Stat. § 08.88.172, part of Alaska’s Stat — part of the compiled statutory law of Alaska, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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Errors and omissions insurance.
Official statutory text
(a) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson shall, as a condition of licensing, carry and maintain errors and omissions insurance to cover activities for which licensing is required under AS 08.88.161 .
(b) The department shall establish by regulation the terms and conditions of the errors and omissions insurance required by this section, including (1) coverage requirements;
(2) limits of coverage;
(3) the maximum amount of premium to be charged licensees under a master errors and omissions policy under (d) of this section; and
(4) the method for adjusting these amounts based on the Consumer Price Index.
(c) A licensee may obtain the errors and omissions insurance required by (a) of this section by (1) obtaining a master insurance policy that may be made available to licensees by the commission; or
(2) independently obtaining errors and omissions insurance that complies with the requirements established under (b) of this section.
(d) The commission may (1) solicit bids for a master errors and omissions insurance policy for licensees that meets the minimum terms and conditions established under (b) of this section using a competitive sealed bid process under AS 36.30 (State Procurement Code); and
(2) charge a licensee a reasonable administration fee to recover costs incurred in connection with the solicitation made under (1) of this subsection.
(e) [Repealed, § 4 ch 39 SLA 2016.] (f) A licensee seeking to obtain or renew a license shall certify to the commission that errors and omissions insurance has been obtained. A licensee who elects to independently obtain errors and omissions insurance shall provide a certificate of coverage with the application to obtain or renew a license.
(b) The department shall establish by regulation the terms and conditions of the errors and omissions insurance required by this section, including (1) coverage requirements;
(2) limits of coverage;
(3) the maximum amount of premium to be charged licensees under a master errors and omissions policy under (d) of this section; and
(4) the method for adjusting these amounts based on the Consumer Price Index.
(c) A licensee may obtain the errors and omissions insurance required by (a) of this section by (1) obtaining a master insurance policy that may be made available to licensees by the commission; or
(2) independently obtaining errors and omissions insurance that complies with the requirements established under (b) of this section.
(d) The commission may (1) solicit bids for a master errors and omissions insurance policy for licensees that meets the minimum terms and conditions established under (b) of this section using a competitive sealed bid process under AS 36.30 (State Procurement Code); and
(2) charge a licensee a reasonable administration fee to recover costs incurred in connection with the solicitation made under (1) of this subsection.
(e) [Repealed, § 4 ch 39 SLA 2016.] (f) A licensee seeking to obtain or renew a license shall certify to the commission that errors and omissions insurance has been obtained. A licensee who elects to independently obtain errors and omissions insurance shall provide a certificate of coverage with the application to obtain or renew a license.
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