Tenn. Comp. R. & Regs. 0680-06-.02 - AMOUNT OF INSURANCE

(1) Board licensees and applicants shall maintain general liability insurance as follows:

(a) In the case of all home improvement contractor applicants or licensees, or if a general contractor applicant's or a licensee's monetary limit is between the amounts of zero dollars ($0) and five hundred thousand dollars ($500,000), then the applicant or licensee shall obtain a general liability insurance policy in an amount not less than one hundred thousand dollars ($100,000).

(b) If an applicant's or a licensee's monetary limit is between the amounts of five hundred thousand one dollar ($500,001) and one million five hundred thousand dollars ($1,500,000), then the applicant or licensee shall obtain a general liability insurance policy in an amount not less than five hundred thousand dollars ($500,000).

(c) If an applicant's or a licensee's monetary limit is one million five hundred thousand one dollar ($1,500,001) or more, then the applicant or licensee shall obtain a general liability insurance policy in an amount of not less than one million dollars ($1,000,000).

Notes

Tenn. Comp. R. & Regs. 0680-06-.02

Public necessity rule filed June 29, 2007, expired December 11, 2007. Public necessity rule filed December 11, 2007; effective through May 24, 2008. Public necessity rule filed December 11, 2007, expired effective May 25, 2008. Rule reverted to its previous status. Public necessity rule filed May 29, 2008; effective through November 10, 2008. Rule filed April 28, 2008; effective July 12, 2008.

Authority: Chapter 130 and Chapter 460 of the Public Acts of 2007, §1 and T.C.A. §§ 62-6-108 and 62-6-111(a)(1) [effective July 1, 2007] and 62-6-506(b)(5) [effective July 1, 2007].