Nevada Administrative Code
Chapter 624 - Contractors
LICENSES
Section 624.675 - Increase in monetary limit for indemnified licensee or applicant; withdrawal of indemnity

1. If an applicant or licensee is indemnified by its officers, directors or any other person, the Board will consider a written request to increase, remove or not place a monetary limit on the license of an applicant or licensee although the financial condition of an applicant or licensee is not adequate to justify such a request.

2. If the applicant or licensee is a corporation and the officers or directors are personally indemnifying the corporation, the request must be submitted with:

3. If another corporation will act as an indemnitor for the licensee, the request must be submitted with:

4. If a natural person will act as indemnitor for the applicant or licensee, the request must be submitted with:

5. Except as otherwise provided in this subsection, if an indemnitor wishes to withdraw his or her agreement for indemnification, the indemnitor must deliver to the Board a written notice of his or her withdrawal. The withdrawal becomes effective 90 days after the Board's receipt of the notice. If the agreement for indemnification was provided as a precondition to the approval by the Board of an increase in the monetary limit on a license pursuant to NAC 624.670, the indemnitor may not withdraw the agreement.