Idaho Administrative Code
Title IDAPA 24 - Occupational and Professional Licenses, Division of
Rule 24.37.01 - RULES OF THE IDAHO REAL ESTATE COMMISSION
APPLICATION, LICENSURE, AND TERMINATION OF LICENSES
Section 24.37.01.118 - INSURANCE PLAN

Universal Citation: ID Admin Code 24.37.01.118

Current through September 2, 2024

The Commission will make available to all active licensees, subject to terms and availability from a qualified insurance carrier, a policy of Errors and Omissions Insurance under a Group Plan obtained by the Commission. Licensees may obtain errors and omissions insurance independently of the Group Policy available through the Commission, subject, however, to the terms and conditions set forth in these rules.

01. Insurance Carrier. For the purposes of Section 118:

a. Shall maintain an A.M. Best Company rating of B+ or better, and an A.M. Best Financial Size Category of Class VI or higher;

b. Is and will remain for the policy term duly authorized by the Idaho Department of Insurance to do business in the state of Idaho as an insurance carrier; and

c. Is and will remain for the policy term qualified and authorized by the Idaho Department of Insurance to write policies of errors and omissions insurance in Idaho of the type contemplated by these rules.

02. Approved Policy. The policy shall cover all activities contemplated under Chapter 20, Title 54, Idaho Code, be subject to such terms and conditions as are customary in the insurance industry for policies of errors and omissions insurance, which are otherwise permissible under Idaho law and the rules of the Idaho Insurance Department, and which are contained in a policy of insurance which has been approved by the Department of Insurance. That policy shall provide, at a minimum, the following terms and conditions:

Limit Liability Coverage for Each Occurrence Not Less Than

Annual Aggregate Limit Not Less Than

Individual License Coverage

$100,000*

$300,000*

Firm Coverage

$500,000*

$1,000,000*

*Not including costs of investigation and defense
a. A deductible amount of not greater than three thousand five hundred dollars ($3,500), which includes costs of investigation and defense;

b. A policy period equal to each licensee's two (2) year license renewal date or the prorated equivalent, or, if an annually renewable policy, a statement of the policy period, and in either case, the policy shall provide for continuous coverage during the policy period;

c. An extended reporting period per insured of at least ninety (90) days following termination of the policy period; and

d. Prior acts coverage shall be offered to licensees with continuous past coverage.

Effective March 28, 2023

Disclaimer: These regulations may not be the most recent version. Idaho may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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