Section 93-02-02.1-12 - Surety requirements1. Before a license to provide private security services can be issued to any individual or agency, the applicant must file with the board a certificate of insurance executed by the applicant and by an insurance company in the sum of three hundred thousand dollars of general liability with errors and omissions insurance. 2. The certificate of insurance must be conditioned on the faithful and honest conduct of the business of the applicant and the applicant's agents, employees, and independent contractors, and for the full protection of any person who deals with the applicant or the applicant's agents, employees, and independent contractors. The certificate of insurance must provide that any person injured by the breach of the conditions of the insurance policy may bring an action on that insurance policy in the name of the state of North Dakota for the use of the person so injured to recover legal damages suffered by reason of breach of the conditions; provided, however, that the aggregate liability of the insurance policy for all damages may, in no event, exceed the sum of the insurance policy. The insurance underwriter may cancel the policy upon giving thirty clays' notice in writing to the board and thereafter is relieved of liability for any breach of condition occurring after the effective date of the cancellation. N.D. Admin Code 93-02-02.1-12
Effective May 1, 2000; amended effective May 1, 2005.General Authority: NDCC 43-30-04
Law Implemented: NDCC 43-30-04