Md. Code Regs. 05.03.08.06 - Liability and Other Insurance
A. The Department may require the borrower to obtain any of the following types of insurance, issued by a company that is approved by the State Insurance Commissioner, depending on the size of the project and risks to the Department:
(1) Owner's liability;
(2) Owner's property or hazard or contractor's builder's risk;
(3) Contractor's liability;
(4) Architect's errors and omissions; and
(5) Engineer's errors and omissions.
B. In addition to the requirements of §A of this regulation, owner's liability insurance shall:
(1) Name the Department as an additional insured; and
(2) Remain in force for the duration of the loan.
Notes
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