Sec. 4. Liability insurance.
199 words·~1 min read·
/il/chapter-225/act-735/4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 4. Liability insurance. Every person licensed as a timber buyer shall file with the Department a certificate of liability insurance. No such liability insurance policy shall be effective under this Section unless issued by an insurance company or surety company authorized to do business in this State.
Except as otherwise provided in this Section, such liability insurance shall be in the principal amount of not less than $500,000.
A liability insurance policy filed in accordance with this Act shall not be canceled or altered during the period for which the timber buyer remains licensed by the Department without written notification to the Department. At all times, a licensee must have a liability insurance policy that is in conformity with this Act while licensed by the Department.
At any such time as a licensee fails to have the necessary liability insurance, as required herein, the Department may immediately, and without notice, suspend the privileges of such licensee. In the event of such suspension, the Department shall give immediate notice of the same to the licensee and shall further reinstate such license upon filing with the Department a certificate of liability insurance that conforms to the requirements of this Act.