Colorado § 12-10-204 Errors and omissions insurance required - rules

Colorado Statutes

§ 12-10-204 — Errors and omissions insurance required - rules

Colorado·Title 12 Professions·Art. Real Estate

(1)Every licensee under this part 2, except an inactive broker or an attorney licensee who maintains a policy of professional malpractice insurance that provides coverage for errors and omissions for their activities as a licensee under this part 2, shall maintain errors and omissions insurance to cover all activities contemplated under parts 2 to 6 of this article 10. The division shall make the errors and omissions insurance available to all licensees by contracting with an insurer for a group policy after a competitive bid process in accordance with article 103 of title 24. A group policy obtained by the division must be available to all licensees with no right on the part of the insurer to cancel a licensee. A licensee may obtain errors and omissions insurance independently

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(1) Every
licensee under this part 2, except an inactive broker or an attorney licensee who
maintains a policy of professional malpractice insurance that provides coverage for
errors and omissions for their activities as a licensee under this part 2, shall
maintain errors and omissions insurance to cover all activities contemplated under
parts 2 to 6 of this article 10. The division shall make the errors and omissions
insurance available to all licensees by contracting with an insurer for a group policy
after a competitive bid process in accordance with article 103 of title 24. A group
policy obtained by the division must be available to all licensees with no right on the
part of the insurer to cancel a licensee. A licensee may obtain errors and omissions
insurance independently if the coverage complies with the minimum requirements
established by the division.

(2) (a) If the division is unable to obtain errors and omissions insurance
coverage to insure all licensees who choose to participate in the group program at a
reasonable annual premium, as determined by the division, a licensee shall
independently obtain the errors and omissions insurance required by this section.

(b) The division shall solicit and consider information and comments from
interested persons when determining the reasonableness of annual premiums.

(3) The division shall determine the terms and conditions of coverage
required under this section based on rules promulgated by the commission. The
commission shall notify each licensee of the required terms and conditions at least
thirty days before the annual premium renewal date as determined by the
commission. Each licensee shall file a certificate of coverage showing compliance
with the required terms and conditions with the commission by the annual premium
renewal date, as determined by the division.

(4) In addition to all other powers and duties conferred upon the commission
by this article 10, the commission shall adopt such rules as it deems necessary or
proper to carry out the provisions of this section.

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