Errors & omissions Insurance
Also known as “professional liability, it carries a minimum coverage requirement of $50,000 and must cover all personnel listed above, or applicant/licensee must provide evidence of compliance with Idaho Code § 30-909(2).
*We increased our coverage to $1,000,000.00
Fidelity bond
Also known as “commercial crime bond”, it carries a minimum coverage requirement of $200,000. Maximum deductible allowed is $10,000. This bond must cover principals, corporate officers, managing members as well as employees and escrow officers. The insurance certificate shall either list these positions titles, list current staff by name, or state “in compliance with Idaho Code § 30-909(1).
Surety Bond
Coverage for initial licensure is $20,000, and the applicant entity shall be named as principal. Said principal must match exactly to that as filed with the Idaho Secretary of State. Coverage at license renewals will be in accordance with Idaho Code § 30-909(3). Any alternative to surety bond coverage must be in accordance with Idaho Code § 30-909(6).