54-2013. ERRORS AND OMISSIONS INSURANCE. (1) Each licensee who is actively licensed under this chapter shall, as a condition to licensing, carry and maintain errors and omissions insurance to cover all licensed activities under the provisions of this chapter.
(2) The commission shall make the insurance required under the provisions of this section available to each licensee by contracting with an insurance provider for errors and omissions insurance coverage for each licensee after competitive bidding in accordance with chapter 92, title 67, Idaho Code. The exact premium shall be set by the commission by motion.
(3) Any policy obtained by the commission shall be available to each licensee with no right on the part of the insurance provider to cancel coverage for any licensee.
(4) Each licensee shall have the option of obtaining errors and omissions insurance independently if the coverage contained in an independently obtained policy complies with the minimum requirements established by the commission.
(5) The commission shall determine the terms and conditions of coverage required under the provisions of this section including, but not limited to, the minimum limits of coverage, the permissible deductible and the permissible exemptions.
(6) A licensee seeking to obtain or renew an active license shall certify to the commission that he is in compliance with the insurance requirements of this section. A licensee who elects not to participate in the insurance program administered by the commission shall obtain a certificate of coverage, signed by an authorized agent or employee of the insurance carrier, reflecting proof of insurance meeting the requirements established by the commission. Upon request by the commission the licensee shall produce the certificate for inspection. Requests for certificates shall be sent by first class mail to the licensee’s business or residence address as reflected by the commission’s records and a copy of the request shall be sent to the licensee’s designated broker, if any. A licensee failing to produce a certificate of coverage within thirty (30) days of a request to do so may have his license inactivated by the commission and shall not be entitled to reactivate the license unless and until he provides to the commission a certificate of coverage reflecting proof of insurance meeting the requirements of the commission. Nothing in this subsection shall limit the ability of the commission to investigate or discipline a licensee for failing to maintain insurance while on active status in violation of subsection (1) of this section or for violating any other section of chapter 20, title 54, Idaho Code, or any rule of the commission.
(7) If the commission is unable to obtain errors and omissions insurance coverage to insure all licensees who choose to participate in the insurance program at a reasonable premium, not to exceed two hundred fifty dollars ($250) per year, per licensee, the requirement of insurance coverage as provided in this section shall be void during the applicable contract period.
History:
[54-2013, added 2000, ch. 285, sec. 3, p. 917; am. 2003, ch. 65, sec. 2, p. 212; am. 2005, ch. 106, sec. 1, p. 333; am. 2010, ch. 217, sec. 1, p. 485; am. 2012, ch. 74, sec. 1, p. 215; am. 2015, ch. 72, sec. 1, p. 190; am. 2016, ch. 289, sec. 12, p. 812.]
Structure Idaho Code
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 20 - IDAHO REAL ESTATE LICENSE LAW
Section 54-2001 - SHORT TITLE.
Section 54-2002 - LICENSURE REQUIRED.
Section 54-2004 - DEFINITIONS.
Section 54-2005 - THE IDAHO REAL ESTATE COMMISSION.
Section 54-2006 - QUALIFICATIONS OF COMMISSIONERS — TERM AND ORGANIZATION.
Section 54-2007 - COMPENSATION, POWERS AND DUTIES OF COMMISSION.
Section 54-2008 - ESTABLISHMENT OF IDAHO REAL ESTATE EDUCATION COUNCIL.
Section 54-2009 - COUNCIL APPOINTMENT, QUALIFICATIONS AND TERM.
Section 54-2010 - COMPENSATION.
Section 54-2011 - TYPES OF LICENSES.
Section 54-2012 - MINIMUM REQUIREMENTS FOR AN INDIVIDUAL PRIMARY IDAHO LICENSE.
Section 54-2013 - ERRORS AND OMISSIONS INSURANCE.
Section 54-2014 - LICENSE EXAMS.
Section 54-2017 - COOPERATIVE LICENSES.
Section 54-2019 - DENIAL OF LICENSE APPLICATIONS.
Section 54-2021 - OCCUPATIONAL LICENSES FUND — RECEIPTS AND DISBURSEMENTS.
Section 54-2022 - REAL ESTATE EDUCATION — PRELICENSE REQUIREMENTS.
Section 54-2023 - CONTINUING EDUCATION REQUIREMENTS.
Section 54-2024 - PURPOSE OF CERTIFICATION.
Section 54-2025 - CERTIFICATION REQUIREMENTS.
Section 54-2026 - CERTIFICATION OF COURSE PROVIDERS.
Section 54-2027 - DUTIES AND REQUIREMENTS OF ALL CERTIFIED COURSE PROVIDERS.
Section 54-2028 - TERM OF PROVIDER CERTIFICATION AND RENEWAL.
Section 54-2029 - NOTICE OF POTENTIAL EXPIRATION OF CERTIFICATION.
Section 54-2030 - EXPIRATION OR WITHDRAWAL OF PROVIDER CERTIFICATION — NOTICE TO STUDENTS.
Section 54-2031 - WITHDRAWAL OF IDAHO CERTIFICATION FOR CAUSE — PROCESS.
Section 54-2032 - CERTIFICATION OF INSTRUCTORS.
Section 54-2033 - INSTRUCTOR QUALIFICATIONS.
Section 54-2034 - SPECIAL CONSIDERATION — DISCRETION OF THE COMMISSION.
Section 54-2035 - TERM OF INSTRUCTOR CERTIFICATION AND RENEWAL.
Section 54-2036 - CERTIFICATION OF COURSES AND COURSE CONTENT.
Section 54-2037 - TERM OF COURSE CERTIFICATION AND RENEWAL.
Section 54-2038 - DESIGNATED BROKER — GENERAL RESPONSIBILITIES — BROKER PRICE OPINIONS.
Section 54-2039 - BROKER AND BRANCH MANAGER.
Section 54-2040 - MAIN OFFICE OR BUSINESS LOCATION.
Section 54-2041 - TRUST ACCOUNTS AND ENTRUSTED PROPERTY.
Section 54-2042 - CREATION OF NONINTEREST-BEARING TRUST ACCOUNTS — REQUIREMENTS.
Section 54-2043 - INTEREST-BEARING TRUST ACCOUNTS.
Section 54-2044 - TRUST ACCOUNT RECORDKEEPING — FORMAT OF RECORDS REQUIRED.
Section 54-2045 - TRUST ACCOUNT DEPOSITS AND RECEIPT OF CONSIDERATION.
Section 54-2046 - TRUST ACCOUNT DISBURSEMENTS.
Section 54-2047 - DISPUTED EARNEST MONEY.
Section 54-2048 - RESPONSIBLE BROKER FOR THE TRANSACTION — DUTIES AND RECORDKEEPING.
Section 54-2049 - RECORD RETENTION SCHEDULES.
Section 54-2050 - BROKERAGE REPRESENTATION AGREEMENTS — REQUIRED ELEMENTS.
Section 54-2051 - OFFERS TO PURCHASE.
Section 54-2052 - ELECTRONICALLY GENERATED AGREEMENTS.
Section 54-2053 - ADVERTISING.
Section 54-2054 - COMPENSATION, COMMISSIONS AND FEES — PROHIBITED CONDUCT.
Section 54-2055 - LICENSEES DEALING WITH THEIR OWN PROPERTY.
Section 54-2056 - TERMINATING OR CHANGING LICENSED BUSINESS RELATIONSHIPS.
Section 54-2057 - DEATH OR INCAPACITY OF A DESIGNATED BROKER.
Section 54-2058 - AUTHORITY TO INVESTIGATE AND DISCIPLINE.
Section 54-2059 - DISCIPLINARY POWERS — REVOCATION, SUSPENSION OR OTHER DISCIPLINARY ACTION.
Section 54-2060 - GROUNDS FOR DISCIPLINARY ACTION.
Section 54-2063 - DISCIPLINARY PROCEDURE AND REVIEW OF AGENCY ACTION.
Section 54-2064 - PROOF OF COMPLAINT — PROSECUTION BY COUNTY PROSECUTING ATTORNEY.
Section 54-2065 - PENALTY FOR ACTING AS A BROKER OR SALESPERSON WITHOUT LICENSE.
Section 54-2066 - INJUNCTIVE RELIEF.
Section 54-2067 - CEASE AND DESIST ORDERS.
Section 54-2068 - WITNESSES — DEPOSITIONS — FEES — SUBPOENAS.
Section 54-2069 - REAL ESTATE RECOVERY FUND ESTABLISHED.
Section 54-2070 - AUGMENTATION OF FUND.
Section 54-2071 - RECOVERY FROM FUND — PROCEDURE — GROUNDS — AMOUNT — HEARING.
Section 54-2072 - COMMISSION MAY ANSWER PETITION — COMPROMISE OF CLAIMS.
Section 54-2073 - COURT ORDER REQUIRING PAYMENT FROM RECOVERY FUND.
Section 54-2075 - ORDER OF PAYMENT OF CLAIMS IF RECOVERY FUND BALANCE INSUFFICIENT — INTEREST.
Section 54-2076 - COMMISSION’S RIGHT TO SUBROGATION.
Section 54-2077 - WAIVER OF RIGHTS.
Section 54-2080 - RECORDS — DISCLOSURE TO PUBLIC.
Section 54-2082 - SHORT TITLE.
Section 54-2083 - DEFINITIONS.
Section 54-2084 - BROKERAGE AGENCY RELATIONSHIPS — CREATION.
Section 54-2086 - DUTIES TO A CUSTOMER.
Section 54-2087 - DUTIES TO A CLIENT.
Section 54-2088 - LIMITED DUAL AGENCY AND ASSIGNED AGENCY PERMITTED.
Section 54-2089 - BROKER COMPENSATION.
Section 54-2091 - DURATION OF AGENCY RELATIONSHIP.
Section 54-2092 - DUTIES AND OBLIGATIONS OWED AFTER TERMINATION OF REPRESENTATION.
Section 54-2093 - VICARIOUS LIABILITY ABOLISHED.
Section 54-2094 - REPRESENTATION NOT FIDUCIARY IN NATURE.
Section 54-2095 - CONFLICTS WITH OTHER LAW.