California Business and Professions Code

§ 7071.19

BPC § 7071.19 Effective Jan 1, 2014Div. 3 · Ch. 9 · Art. 5

Statute text

(a)As a condition of the issuance, reinstatement, reactivation, or continued valid use of a license under this chapter, in addition to any bond required under this article, a limited liability company shall, in accordance with this section, maintain a policy or policies of insurance against liability imposed on or against it by law for damages arising out of claims based upon acts, errors, or omissions arising out of the contracting services it provides.

(b)The total aggregate limit of liability under the policy or policies of insurance required under this section shall be as follows:

(1)For a limited liability company licensee with five or fewer persons listed on the members of the personnel of record, the aggregate limit shall not be less than one million dollars ($1,000,000).

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Legislative history

Amended by Stats. 2013, Ch. 114, Sec. 1. (AB 1236) Effective January 1, 2014.