§ 401.12. Liability insurance.
(a) A third-party agency shall carry errors and omissions liability insurance in at least the amount of $1 million for each person and each occurrence to satisfy claims or judgments for property damage or personal injury, or both.
(b) As a condition for obtaining and renewing certification, a third-party agency shall submit to the Department satisfactory evidence that it has obtained errors and omissions liability insurance as required by this section. A certification or renewal will not be issued unless the third-party agency provides proof of insurance which shall consist of a certificate of insurance or copy of the declaration page from the insurance policy setting forth the effective date, expiration date and policy coverage in the amounts required.
(c) A third-party agency shall notify the Department immediately of the cancellation of its errors and omissions liability insurance, the failure or refusal to renew its errors and omissions liability insurance, change of insurance carrier, change of policy dates or changes of coverage amounts. Upon notice of loss or cancellation of insurance coverage, the Department will immediately initiate action to decertify the third party agency under § 401.14 (relating to decertification or refusal to certify).
Cross References This section cited in 34 Pa. Code § 401.11 (relating to certification of a third-party agency); and 34 Pa. Code § 401.14 (relating to decertification or refusal to certify).
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