Section 22-15-5-14 - Liability insurance requirement; exemptions; failure to file certificate of insurance(a) This section does not apply to the following:(1) An individual employed by the following:(D) A state educational institution.(2) A state educational institution.(b) The department may not issue an elevator inspector or elevator contractor license until the applicant has filed with the department a certificate of insurance indicating that the applicant has liability insurance:(1) in effect with an insurer that is authorized to write insurance in Indiana; and(2) that provides general liability coverage to a limit of at least:(A) one million dollars ($1,000,000) for the injury or death of any number of persons in any one (1) occurrence; and(B) five hundred thousand dollars ($500,000) for property damage in any one (1) occurrence.(c) An insurance policy required under this section may include a deductible clause if the clause provides that any settlement made by the insurance company with an injured person or a personal representative must be paid as though the deductible clause did not apply.(d) An insurance policy required under this section must provide by the policy's original terms or an endorsement that the insurer may not cancel the policy without: (1) thirty (30) days written notice; and(2) a complete report of the reasons for the cancellation to the department.(e) An insurance policy required under this section must provide by the policy's original terms or an endorsement that the insurer shall report to the department within twenty-four (24) hours after the insurer pays a claim or reserves any amount to pay an anticipated claim that reduces the liability coverage below the amounts established in this section.(f) If an insurance policy required under this section:(1) is canceled during the policy's term;(2) lapses for any reason; or(3) has the policy's coverage fall below the required amount; the license holder shall replace the policy with another policy that complies with this section.
(g) If a license holder fails to file a certificate of insurance for new or replacement insurance, the license holder: (1) must cease all operations under the license immediately; and(2) may not conduct further operations until the license holder receives the approval of the department to resume operations after the license holder complies with the requirements of this section.Amended by P.L. 187-2021,SEC. 118, eff. 7/1/2021.As added by P.L. 119-2002, SEC.26. Amended by P.L. 1-2006, SEC.396; P.L. 2-2007, SEC.313.