Alaska Administrative Code
Title 12 - Professional Regulations
Part 1 - Boards and Commissions Subject to Centralized Licensing
Chapter 02 - General Occupational Licensing Functions
Article 4 - Real Estate Errors and Omissions Insurance
12 AAC 02.530 - Standards for equivalent coverage

Universal Citation: 12 AK Admin Code 02.530

Current through February 24, 2025

An insurer issuing equivalent coverage under AS 08.88.172(c)(2) shall hold a certificate of authority issued under AS 21.09. All activities contemplated under AS 08.88.172 must be covered. The insurance must meet the minimum coverage standards of 12 AAC 02.510(a)(1)-(3), 12 AAC 02.510(b). and 12 AAC 02.510(c)(1) and (5), except that

(1) a policy with a higher deductible amount or self-insured retention will qualify as equivalent coverage for purposes of AS 08.88.172(c)(2) if, when applying to obtain or renew the license, the insured licensee provides the Real Estate Commission with

(A) an affidavit certifying that the insured licensee has the financial resources in set-aside funds to pay the higher deductible amount or self-insured retention; and

(B) a certificate of insurance from the insured licensee's insurer; and

(2) a broker employing other real estate licensees may comply with the requirements of 12 AAC 02.510(a) (1) and (2) by obtaining insurance with coverage of a minimum of $300,000 per wrongful act and $1,000,000 aggregate, if all licensees associated with the broker are covered

Authority:AS 08.88.172

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