On and after January 1, 2001, any particular person engaged within the business of residence repair and remodeling shall get hold of and keep in full power and effect during the operation of the enterprise public liability and property damage insurance coverage in the quantity of $10,000 per prevalence for residence restore or remodeling not in conformance with applicable State, county, or municipal codes, until the individual has a net value of not less than $1,000,000 as determined on the idea of the particular person’s most up-to-date monetary statement, prepared inside thirteen months.
(3) Contractors who fail to supply prospects references when requested. (5) If the contractor does business beneath a name other than the contractor’s real identify, the enterprise should both be integrated or registered under the Assumed Enterprise Title Act. (four) Keep in mind, you have 3 business days from the time you sign your contract to cancel any contract if the sale is made at your private home.
(i) A contractor providing dwelling restore or remodeling companies shall not characterize, or supply or promote to represent, on behalf of a home-owner on any insurance coverage claim in connection with the restore or substitute of roof techniques, or the performance of any other inside or exterior repair, substitute, development or reconstruction work; or otherwise violate the Public Adjusters Law (Public Act ninety six-1332).
(7) A provision stating the grounds for termination of the contract if you’re notified by your insurer that all or any part of the declare or contract is just not a lined loss underneath the insurance coverage, you may cancel the contract by mailing or delivering written notice to (identify of contractor) at (deal with of contractor’s place of business) at any time prior to the sooner of midnight on the fifth enterprise day after you will have acquired such discover from your insurer or the thirtieth business day after receipt of a properly executed proof of loss by the insurer from the insured.
Cancellation is evidenced by the insured giving written notice of cancellation to the contractor providing home repair or reworking companies at the handle stated in the contract. In addition, the contract shall state the business name and handle of the individual engaged in the enterprise of residence restore or reworking. (c) A contractor offering residence restore or remodeling providers shall not accept money or any type of compensation in change for allowing an out of space contractor to make use of its enterprise title or license.