South Carolina § 40-79-250 - Liability insurance.

§ 40-79-250. Liability insurance.

(A) Alarm business employees are not required to obtain a Certificate of Comprehensive General Liability Insurance unless required by regulation.

(B) No alarm license may be issued unless the applicant files with the department evidence of a policy of comprehensive general liability insurance providing for the following minimum coverage: one hundred thousand dollars due to bodily injury, death, or destruction of property as the result of the negligent act or acts of the principal insured.

(C) An alarm licensee shall notify the department upon the cancellation by a licensee of its policy of liability insurance or the cancellation by the insurance carrier of the licensee's policy of insurance within fifteen days of the date of cancellation. The cancellation does not affect any liability on the policy, which accrued prior to the date of cancellation. A new policy must be obtained by the alarm business within thirty days of cancellation.

(D) Upon failure of the licensee to notify the department of cancellation of his liability insurance, the license may be canceled and may not be reinstated until a proper insurance certificate has been submitted to the department for approval. An initial application must be filed after thirty days of cancellation of the insurance policy. Examinations are not required if the qualifying party otherwise meets the requirements of this chapter.

(E) The policy must be purchased from an insurer or licensed agent authorized to do business in this State.

HISTORY: 2000 Act No. 367, SECTION 1.

Editor's Note

Prior Laws:1986 Act No. 512, SECTION 8; 1987 Act No. 175, SECTION 3; 1976 Code SECTION 40-79-80.