Regulation .06 Liability and Other Insurance.
Regulation .06 Liability and Other Insurance.LinkCopy Citation
A.
The Department may require the borrower to obtain any of the following types of insurance, issued by a company that is approved by the State Insurance Commissioner, depending on the size of the project and risks to the Department:
(1)
Owner's liability;
(2)
Owner's property or hazard or contractor's builder's risk;
(3)
Contractor's liability;
(4)
Architect's errors and omissions; and
(5)
Engineer's errors and omissions.
B.
In addition to the requirements of §A of this regulation, owner's liability insurance shall:
(1)
Name the Department as an additional insured; and
(2)
Remain in force for the duration of the loan.