North Dakota Administrative Code
Title 70 - Real Estate Commission
Article 70-02 - Real Estate Licensure
Chapter 70-02-05 - Errors and Omissions Insurance
Section 70-02-05-03 - Minimum standards

1. Not less than one hundred thousand dollars single-limit liability coverage for each licensee per occurrence or claim made, not including costs for investigation or defense;

2. An annual aggregate limit of not less than five hundred thousand dollars per licensee;

3. A deductible amount for each occurrence of not more than one thousand dollars for single-limit liability coverage and one thousand dollars maximum additional deductible for defense and investigation;

4. An extended reporting provision of ninety days and an option to purchase an additional three years extended reporting provision for a premium not to exceed two hundred percent of the premium charged for the last year of the terminating coverage;

5. Coverage under this section for covered acts in any state, United States territory, or Canada in which a covered individual, domiciled in North Dakota, holds a license;

6. Stacking of benefits;

7. Proration of premiums for coverage that is purchased during the course of a calendar year but with no provision for refunds of unearned premiums;

8. The ability of a licensee, upon payment of an additional premium, to obtain higher or excess coverage or to purchase additional coverages from the group carrier as may be determined by the carrier;

9. That coverage is individual and license-specific and will cover the licensee regardless of changes in employing broker; and

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