00                             HOUSE BILL NO. 289                                                                          
01 "An Act relating to the bonding and insurance requirements for certain contractors,                                     
02 general contractors, mechanical contractors, specialty contractors, and subcontractors;                                 
03 and providing for an effective date."                                                                                   
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1.  AS 08.18.071(b) is amended to read:                                                                  
06            (b)  If the applicant is a general contractor, the amount of the bond shall be                               
07       $100,000 [$10,000]; if the applicant is a mechanical or specialty contractor, the                             
08       amount of the bond shall be $50,000 [$5,000]. In lieu of the surety bond the applicant                        
09       may file with the commissioner a cash deposit or other negotiable security acceptable                             
10       to the commissioner in the amount specified for bonds.                                                            
11    * Sec. 2.  AS 08.18.101 is amended to read:                                                                        
12            Sec. 08.18.101.  Insurance required.  Each applicant, at the time of applying                              
13       for registration or upon renewal of registration, shall file with the commissioner                                
14       satisfactory evidence that the applicant has in effect                                                            
01                 (1)  to the extent required under AS 23.30, workers' compensation                                       
02       insurance that is purchased from a private insurer who is admitted to do business in the                          
03       state and that shows coverage in this state, appropriate employee classifications, and                            
04       rates applicable in this state, or a valid workers' compensation self-insurance                                   
05       certificate issued by the Alaska Workers' Compensation Board; and                                                 
06                 (2)  public liability and property damage insurance covering the                                        
07       applicant's contracting operations in this state in the sum of not less than $200,000                         
08       [$20,000] for damage to property, $250,000 [$50,000] for injury, including death, to                          
09       any one person, and $500,000 [$100,000] for injury, including death, to more than one                         
10       person.                                                                                                           
11    * Sec. 3.  This Act takes effect July 1, 2003.