Colorado § 12-10-204 - Errors and omissions insurance required - rules.
Full text of Colorado Colorado Revised Statutes § 12-10-204 — Errors and omissions insurance required - rules., with citation guidance and answers to common questions.
§ 12-10-204. Errors and omissions insurance required - rules.
(1) Every licensee under this part 2, except an inactive broker or an attorney licensee who maintains a policy of professional malpractice insurance that provides coverage for errors and omissions for their activities as a licensee under this part 2, shall maintain errors and omissions insurance to cover all activities contemplated under parts 2 to 6 of this article 10. The division shall make the errors and omissions insurance available to all licensees by contracting with an insurer for a group policy after a competitive bid process in accordance with article 103 of title 24. A group policy obtained by the division must be available to all licensees with no right on the part of the insurer to cancel a licensee. A licensee may obtain errors and omissions insurance independently if the coverage complies with the minimum requirements established by the division.
(2) (a) If the division is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the group program at a reasonable annual premium, as determined by the division, a licensee shall independently obtain the errors and omissions insurance required by this section.
(b) The division shall solicit and consider information and comments from interested persons when determining the reasonableness of annual premiums.
(3) The division shall determine the terms and conditions of coverage required under this section based on rules promulgated by the commission. The commission shall notify each licensee of the required terms and conditions at least thirty days before the annual premium renewal date as determined by the commission. Each licensee shall file a certificate of coverage showing compliance with the required terms and conditions with the commission by the annual premium renewal date, as determined by the division.
(4) In addition to all other powers and duties conferred upon the commission by this article 10, the commission shall adopt such rules as it deems necessary or proper to carry out the provisions of this section.
Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 622, § 1, effective October 1.
Editor's note: This section is similar to former § 12-61-103.6 as it existed prior to 2019.
ANNOTATION
Law reviews. For article, "E & O Insurance: Mandatory for Colorado Real Estate Professionals", see 27 Colo. Law. 99 (Sept. 1998).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 12-10-204
What does Colorado Revised Statutes § 12-10-204 cover?
Section 12-10-204 ("Errors and omissions insurance required - rules.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. 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 Colorado § 12-10-204?
A common citation format is "Colorado Revised Statutes § 12-10-204" (Colorado). 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 Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 12-10-204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado 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 Colorado.