(a) A certified clandestine laboratory remediation contractor shall provide the following financial assurances:

1. (1) A certificate of liability insurance issued by an insurance company licensed to do business in Arkansas certifying that the applicant has a general liability insurance policy in an amount of one million dollars ($1,000,000) per incident, and two million dollars ($2,000,000) aggregate for personal or property damage that might occur to third parties arising from the performance of regulated services for inhabitable properties by the contractor or his or her agents;
2. (2) Errors and omissions insurance in the amount of one million dollars ($1,000,000) per occurrence for negligent acts committed in the course of a clandestine lab investigation and/or remediation;
3. (3) Pollution liability insurance in the amount of three million dollars ($3,000,000); and
4. (4) Workers’ compensation and employer’s liability in statutory limits shall be secured and maintained as required by the laws of the State of Arkansas.

(b)

1. (1) In the event the insurance policy lapses, the applicant must provide a suitable replacement policy prior to the expiration of the existing policy.
2. (2) The Division of Environmental Quality shall be named as the certificate holder.