Oregon Statutes - Chapter 701 - Construction Contractors and Contracts - Section 701.073 - Insurance required of licensed contractors.

(1) A contractor who possesses a license as required under this chapter shall have in effect public liability, personal injury and property damage insurance covering the work of the contractor that is subject to this chapter, including the covering of liability for products and completed operations according to the terms of the policy and subject to applicable policy exclusions, for an amount not less than the applicable amount set forth in ORS 701.081 or 701.084.

(2) The contractor shall provide satisfactory evidence to the Construction Contractors Board at the time of licensure and renewal that the insurance required by subsection (1) of this section has been procured and is in effect. [Formerly 701.105]

Note: The amendments to 701.073 (formerly 701.105) by section 24, chapter 836, Oregon Laws 2007, become operative July 1, 2008, and apply to licenses issued or renewed on or after July 1, 2008. See section 70, chapter 836, Oregon Laws 2007. The text that is operative until July 1, 2008, including amendments by section 20, chapter 648, Oregon Laws 2007, is set forth for the userís convenience.

701.073. (1) A contractor who possesses a license as required under this chapter shall have in effect public liability, personal injury and property damage insurance covering the work of the contractor that is subject to this chapter, including the covering of liability for products and completed operations according to the terms of the policy and subject to applicable policy exclusions, for an amount not less than:

(a) $500,000 for a general contractor or licensed developer.

(b) $300,000 for a residential-only specialty contractor.

(c) $500,000 for all other specialty contractors.

(d) $100,000 for a limited contractor.

(e) $300,000 for an inspector.

(2) The contractor shall provide satisfactory evidence to the Construction Contractors Board at the time of licensure and renewal that the insurance required by subsection (1) of this section has been procured and is in effect.

Note: Section 21, chapter 648, Oregon Laws 2007, provides:

Sec. 21. The amendments to ORS 701.105 [renumbered 701.073] by sections 19 and 20 of this 2007 Act apply to coverage provided under insurance policies issued or renewed on or after the effective date of this 2007 Act [January 1, 2008]. [2007 c.648 §21]

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Last modified: August 7, 2008