California Business and Professions Code

§ 7520.3

BPC § 7520.3 Effective Jan 1, 2025Div. 3 · Ch. 11.3 · Art. 3

Statute text

(a)As a condition of the issuance, reinstatement, reactivation, or continued valid use of a license under this chapter, 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 private investigator 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 named as members pursuant to subdivision (i) of Section 7525.1, the aggregate limit shall not be less than one million dollars ($1,000,000).

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Legislative history

Amended by Stats. 2024, Ch. 484, Sec. 11. (SB 1454) Effective January 1, 2025. Repealed as of January 1, 2030, by its own provisions.