The bill amends Section 5-65-7 of the General Laws in Chapter 5-65, which is titled "Contractors’ Registration and Licensing Board." The amendment requires contractors to have errors and omissions insurance in addition to public liability and property damage insurance throughout their period of registration. The minimum coverage amount specified is five hundred thousand dollars ($500,000) combined single limit for bodily injury and property damage. This requirement is in addition to the existing mandate for contractors to have workers' compensation insurance as per chapter 29 of title 28.

The bill also stipulates that contractors must provide satisfactory evidence of the required insurance at the time of registration and renewal. Failure to maintain the necessary insurance will not only invalidate the contractor's registration but may also result in fines, suspension, or revocation of the registration. The act is set to take effect upon passage, and its purpose is to ensure that contractors maintain errors and omissions insurance as part of their operational requirements.

Statutes affected:
1042: 5-65-7