Ga. Comp. R. & Regs. R. 120-3-25-.23 - Insurance Requirements
(1) Class I, Class IR and Class II Elevator
Contractors shall submit to the Office an original or certified copy of an
insurance policy issued by an insurance company authorized to do business in
this State to provide general liability coverage of at least one million
dollars ($1,000,000.00) for injury or death of one person and one million
dollars ($1,000,000.00) for injury or death of any number of persons in any one
(1) occurrence, with the coverage of at least five hundred thousand dollars
($500,000.00) for property damage in any one (1) occurrence and the statutory
workers compensation insurance coverage.
(2) Class III and IIIR Elevator Contractors
shall submit to the Office an original or certified copy of an insurance policy
issued by an insurance company authorized to do business in this State to
provide general liability coverage of at least five hundred thousand dollars
($500,000.00) for injury or death of one (1) person and at least five hundred
thousand dollars ($500,000.00) for injury or death of any number of persons in
any one (1) occurrence, with the coverage of at least two hundred fifty
thousand dollars ($250,000.00) for property damage in any one (1) occurrence
and the statutory workers compensation insurance coverage.
(3) Private Elevator Inspectors shall submit
to the Office an original or certified copy of an insurance policy issued by an
insurance company authorized to do business in this State to provide
Professional Errors and Omissions Insurance coverage of at least one million
dollars ($1,000,000.00) for injury or death of one person and one million
dollars ($1,000,000.00) for injury or death of any number of persons in any one
(1) occurrence, with the coverage of at least five hundred thousand dollars
($500,000.00) for property damage in any one (1) occurrence and the statutory
workers compensation insurance coverage.
(4) Such policies must be issued by an
insurance company authorized to do business in the State of Georgia by the
Insurance Commissioner with a Best Policyholders rating of "A-" or better and
with a financial size rating of Class V or larger.
Notes
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