HB 289: "An Act relating to the bonding and insurance requirements for certain contractors, general contractors, mechanical contractors, specialty contractors, and subcontractors; and providing for an effective date."
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.