225 ILCS 441/5-50

(225 ILCS 441/5-50)

(Section scheduled to be repealed on January 1, 2027)

Sec. 5-50. Insurance.

(a) All applicants for a home inspector license and all licensees shall maintain general liability insurance in an amount of not less than $100,000.

(b) Failure of an applicant or a licensee to carry and maintain the insurance required by this Section, to timely submit proof of coverage upon the Department's request, or to timely report any claims made against such policies of insurance shall be grounds for the denial of an application to renew a license, or the suspension or revocation of the license.

(c) The policies of insurance submitted by an applicant for a new license or an applicant for renewal of a license must include the name of the applicant as it appears or will appear on the license.

(d) A home inspector shall maintain the insurance required by this Section for at least one year after the latest home inspection report the home inspector delivered.

(e) The Department may adopt rules to implement this Section.

(Source: P.A. 102-20, eff. 1-1-22.)