Virginia § 55.1-803 - Errors and omissions insurance; cash or letters of credit
Full text of Virginia Code of Virginia § 55.1-803 — Errors and omissions insurance; cash or letters of credit, with citation guidance and answers to common questions.
§ 55.1-803. Errors and omissions insurance; cash or letters of credit
A. An exchange facilitator at all times shall:
1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or
2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.
B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 55.1-803
What does Code of Virginia § 55.1-803 cover?
Section 55.1-803 ("Errors and omissions insurance; cash or letters of credit") is part of the Code of Virginia, the codified statutory law of Virginia. 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 Virginia § 55.1-803?
A common citation format is "Code of Virginia § 55.1-803" (Virginia). 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 Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 55.1-803 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia 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 Virginia.