Liability insurance requirement; exemptions; failure to file
certificate of insurance
Sec. 14. (a) This section does not apply to the following:
(1) An individual employed by the following:
(A) The state.
(B) A county.
(C) A municipality.
(D) An educational institution.
(2) An educational institution.
(b) The department may not issue an elevator inspector or elevator
contractor license until the applicant has filed with the department a
certificate of insurance indicating that the applicant has liability
insurance:
(1) in effect with an insurer that is authorized to write insurance
in Indiana; and
(2) that provides general liability coverage to a limit of at least:
(A) one million dollars ($1,000,000) for the injury or death
of any number of persons in any one (1) occurrence; and
(B) five hundred thousand dollars ($500,000) for property
damage in any one (1) occurrence.
(c) An insurance policy required under this section may include
a deductible clause if the clause provides that any settlement made
by the insurance company with an injured person or a personal
representative must be paid as though the deductible clause did not
apply.
(d) An insurance policy required under this section must provide
by the policy's original terms or an endorsement that the insurer may
not cancel the policy without:
(1) thirty (30) days written notice; and
(2) a complete report of the reasons for the cancellation to the
office.
(e) An insurance policy required under this section must provide
by the policy's original terms or an endorsement that the insurer shall
report to the department within twenty-four (24) hours after the
insurer pays a claim or reserves any amount to pay an anticipated
claim that reduces the liability coverage below the amounts
established in this section.
(f) If an insurance policy required under this section:
(1) is canceled during the policy's term;
(2) lapses for any reason; or
(3) has the policy's coverage fall below the required amount;
the license holder shall replace the policy with another policy that
complies with this section.
(g) If a license holder fails to file a certificate of insurance for
new or replacement insurance, the license holder:
(1) must cease all operations under the license immediately; and
(2) may not conduct further operations until the license holder
receives the approval of the department to resume operations
after the license holder complies with the requirements of this
section.
As added by P.L.119-2002, SEC.26.
Last modified: May 27, 2006