ORS 701.081
Residential contractors
- bond
- insurance
- responsible managing individual
(1)
A residential general contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $20,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $500,000; and(c)
Have a responsible managing individual who meets the requirements of ORS 701.091 (Responsible managing individual).(2)
A residential specialty contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $15,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount not less than $300,000; and(c)
Have a responsible managing individual who meets the requirements of ORS 701.091 (Responsible managing individual).(3)
A residential limited contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount not less than $100,000; and(c)
Have a responsible managing individual who meets the requirements of ORS 701.091 (Responsible managing individual).(4)
A residential developer shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $20,000; and(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount not less than $500,000.(5)
A residential locksmith services contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $100,000; and(c)
Have a responsible managing individual for the business who is certified as a locksmith under ORS 701.485 (Standards of practice and professional conduct).(6)
A home inspector services contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $100,000; and(c)
Have a responsible managing individual for the business who is certified as a home inspector under ORS 701.445 (Home inspectors).(7)
A home services contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000; and(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $100,000.(8)
A home energy performance score contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000;(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $100,000; and(c)
Have an owner or employee that is certified by the board as a home energy assessor.(9)
A residential restoration contractor shall:(a)
Obtain a surety bond under ORS 701.068 (Bonding requirements) in the amount of $10,000; and(b)
Obtain general liability insurance under ORS 701.073 (Insurance required of licensed contractors) in an amount of not less than $100,000. [2007 c.836 §3; 2013 c.300 §9; 2013 c.383 §11; 2015 c.498 §6]
Source:
Section 701.081 — Residential contractors; bond; insurance; responsible managing individual, https://www.oregonlegislature.gov/bills_laws/ors/ors701.html.
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