2007 ORS 701.073¹
Insurance required of licensed contractors

(1) A contractor who possesses a license as required under this chapter shall have in effect public liability, personal injury and property damage insurance covering the work of the contractor that is subject to this chapter, including the covering of liability for products and completed operations according to the terms of the policy and subject to applicable policy exclusions, for an amount not less than the applicable amount set forth in ORS 701.081 (Residential contractors) or 701.084 (Commercial contractors).

(2) The contractor shall provide satisfactory evidence to the Construction Contractors Board at the time of licensure and renewal that the insurance required by subsection (1) of this section has been procured and is in effect. [Formerly 701.105]

Note: The amendments to 701.073 (Insurance required of licensed contractors) (formerly 701.105) by section 24, chapter 836, Oregon Laws 2007, become operative July 1, 2008, and apply to licenses issued or renewed on or after July 1, 2008. See section 70, chapter 836, Oregon Laws 2007. The text that is operative until July 1, 2008, including amendments by section 20, chapter 648, Oregon Laws 2007, is set forth for the user’s convenience.

701.073 (Insurance required of licensed contractors). (1) A contractor who possesses a license as required under this chapter shall have in effect public liability, personal injury and property damage insurance covering the work of the contractor that is subject to this chapter, including the covering of liability for products and completed operations according to the terms of the policy and subject to applicable policy exclusions, for an amount not less than:

(a) $500,000 for a general contractor or licensed developer.

(b) $300,000 for a residential-only specialty contractor.

(c) $500,000 for all other specialty contractors.

(d) $100,000 for a limited contractor.

(e) $300,000 for an inspector.

(2) The contractor shall provide satisfactory evidence to the Construction Contractors Board at the time of licensure and renewal that the insurance required by subsection (1) of this section has been procured and is in effect.

Note: Section 21, chapter 648, Oregon Laws 2007, provides:

Sec. 21. The amendments to ORS 701.105 [renumbered 701.073 (Insurance required of licensed contractors)] by sections 19 and 20 of this 2007 Act apply to coverage provided under insurance policies issued or renewed on or after the effective date of this 2007 Act [January 1, 2008]. [2007 c.648 §21]

Chapter 701

Notes of Decisions

This is a remedial statute made for the protec­tion of the building business and of people dealing with builders who might be irresponsible; it should be read as a whole and liberally construed to accomplish its purpose. Robinson v. Builders Bd., 20 Or App 340, 531 P2d 752 (1975)

Atty. Gen. Opinions

Lack of authority for director to appoint executive secretary for board, (1971) Vol 35, p 930; inap­pli­ca­bil­i­ty of this chapter to business of construc­tion or installa­tion of fences, sidewalks, septic tanks, wells and underground sprinkling systems, (1972) Vol 35, p 1278; mobile home as per­sonal or real prop­erty under this chapter, (1972) Vol 36, p 41; applica­tion of Homebuilders Law to mobile homes, (1978) Vol 38, p 693

1 Legislative Counsel Committee, CHAPTER 701—Construction Contractors and Contracts, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­701.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 701, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­701ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.