Section 50-60-716 - Insurance requirements(1) Each licensed elevator contractor and licensed elevator inspector shall provide the department with a certified copy of an insurance policy issued by an insurance company authorized to do business in this state that provides at least $1 million coverage for injury or death for any number of persons in any single occurrence and $500,000 for property damage in any single occurrence.(2) A licensed elevator contractor or licensed elevator inspector shall notify the department of any material policy alteration or policy cancellation within 10 days of receiving notice of the alteration or cancellation.En. Sec. 21, Ch. 303, L. 2005.