What is the minimum insurance requirement for a firm applying for a registration certificate?

The minimum insurance requirement for a firm applying for a registration certificate is $100,000 for bodily injury and property damage per occurrence. This requirement is set to ensure that the firm has adequate coverage to protect against potential liabilities that may arise from incidents involving bodily injuries or property damage to third parties while conducting its business operations. This level of insurance is intended to provide a reasonable safety net for both the firm and the individuals or entities that may be affected by its activities.

Having a higher amount of coverage like this not only helps to protect the firm’s financial interests but also assures clients, customers, and the community that there are resources available to address any unfortunate incidents that could occur. It reflects a commitment to safety and responsibility within the industry, as well as compliance with relevant regulations that aim to mitigate risks associated with fire safety and related activities.