30 Miss. Code. R. 1601-9.3 - Independent Coverage

A. Licensees having independent coverage shall submit proof of coverage by the beginning of the policy period as set forth above. Any deficiency in supplying proof of coverage must be corrected within no more than 30 days after the beginning of the policy period. Proof of coverage shall be by a "Certificate of Insurance" provided by the independent insurance carrier.

B. Minimum requirements of independent coverage shall be:

(1) Coverage must be for all activities for which a real estate license is required under this Chapter.

(2) A per claim limit is not less than $100,000.00.

(3) The deductible is not more than $2,500.00 per licensee, per claim, for any damages and the deductible is not more than $1,000.00 per licensee, per claim, for defense costs.

(4) The independent insurance carrier shall agree to a non-cancelable policy or provide a letter of commitment to notify the Commission 30 days prior to intention to cancel.

Notes

30 Miss. Code. R. 1601-9.3

Miss. Code Ann. §§ 73-35-35