50-60-716. Insurance requirements. (1) Each licensed elevator contractor and licensed elevator inspector shall provide the department with a certified copy of an insurance policy issued by an insurance company authorized to do business in this state that provides at least $1 million coverage for injury or death for any number of persons in any single occurrence and $500,000 for property damage in any single occurrence.

(2) A licensed elevator contractor or licensed elevator inspector shall notify the department of any material policy alteration or policy cancellation within 10 days of receiving notice of the alteration or cancellation.