N.J. Admin. Code § 5:30-14.45

Current through Register Vol. 56, No. 17, September 3, 2024

Section 5:30-14.45 - Bonding and evidence of insurance

(a) A contractor who provides a prototypical length of service award plan shall post a bond obtained from an organization duly authorized and licensed to provide such bond in the State of New Jersey, to protect the plan and the sponsoring agency from any loss resulting from fraud or dishonesty by such contractor. Evidence of such bond or ability to obtain such bond if the plan is awarded shall be provided to the sponsoring agency and to the Director.

(b) The amount of bond shall not be less than 100 percent of the amount of funds managed by such contractor.

(c) A contractor providing services in accordance with this subchapter shall provide the sponsoring agency and Director with evidence of appropriate liability insurance and errors and omissions insurance. A contractor who is self-insured for errors and omissions insurance shall submit documentation from their auditors attesting to the validity of the coverage.

N.J. Admin. Code § 5:30-14.45