An elevator contractor may not engage in the business of elevator installation, alteration, repair, or service work unless the work of the elevator contractor is covered by: general liability insurance in the amount of at least $1,000,000; and property damage insurance in the amount of at least $500,000. An applicant for an elevator contractor license shall submit proof of the insurance required under subsection (a) of this section to the Board with the license application. Unless a licensee meets the insurance requirements of this section, the Board may not renew the license of a licensee to whom the insurance requirements of this section apply. A licensed elevator contractor shall give the Board notice of the cancellation of insurance at least 10 days before the effective date of the cancellation.