Alaska § 08.88.172 - Errors and omissions insurance.
Full text of Alaska Alaska Statutes § 08.88.172 — Errors and omissions insurance., with citation guidance and answers to common questions.
§ 08.88.172. Errors and omissions insurance.
(a) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson shall, as a condition of licensing, carry and maintain errors and omissions insurance to cover activities for which licensing is required under AS 08.88.161 .
(b) The department shall establish by regulation the terms and conditions of the errors and omissions insurance required by this section, including (1) coverage requirements;
(2) limits of coverage;
(3) the maximum amount of premium to be charged licensees under a master errors and omissions policy under (d) of this section; and
(4) the method for adjusting these amounts based on the Consumer Price Index.
(c) A licensee may obtain the errors and omissions insurance required by (a) of this section by (1) obtaining a master insurance policy that may be made available to licensees by the commission; or
(2) independently obtaining errors and omissions insurance that complies with the requirements established under (b) of this section.
(d) The commission may (1) solicit bids for a master errors and omissions insurance policy for licensees that meets the minimum terms and conditions established under (b) of this section using a competitive sealed bid process under AS 36.30 (State Procurement Code); and
(2) charge a licensee a reasonable administration fee to recover costs incurred in connection with the solicitation made under (1) of this subsection.
(e) [Repealed, § 4 ch 39 SLA 2016.] (f) A licensee seeking to obtain or renew a license shall certify to the commission that errors and omissions insurance has been obtained. A licensee who elects to independently obtain errors and omissions insurance shall provide a certificate of coverage with the application to obtain or renew a license.
Frequently Asked Questions About Alaska § 08.88.172
What does Alaska Statutes § 08.88.172 cover?
Section 08.88.172 ("Errors and omissions insurance.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 08.88.172?
A common citation format is "Alaska Statutes § 08.88.172" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 08.88.172 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.