Code of Virginia § 55.1-803. Errors and omissions insurance; cash or letters of credit.
92 words·~1 min read·
/va/title-55-1/chapter-8/55-1-803A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. An exchange facilitator at all times shall:
1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or
2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.
B. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.
2010, c. 409 , § 55-525.4; 2019, c. 712 .