Md. Code Regs. 05.03.08.06

Current through Register Vol. 51, No. 24, December 2, 2024

Section 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.

Md. Code Regs. 05.03.08.06

Regulation .06 adopted effective 44:15 Md. R. 759, eff. 7/31/2017