2127.1 Subject to this section, an applicant for a security agency license shall execute a bond that is conditioned on the faithful and honest conduct of the applicant and runs to the District for the benefit of any person injured by any wrongful act of the applicant that is willful or malicious.

2127.2 The applicant shall submit the bond to the Mayor with the security agency license application.

2127.3 The amount of the bond required by this section shall be at least $50,000 if the applicant is an individual, or $100,000 if the applicant is a firm. The total liability of the surety to all insured persons under the bond may not exceed the penal sum of the bond.

2127.4 A security agency licensee shall keep in effect at all times a bond that meets the requirements of this section.

2127.5 If a security agency licensee's bond is canceled, forfeited, or terminated by the surety, the surety immediately shall notify the Mayor. If a surety fails to notify the Mayor as required by this section, the bond shall continue in effect until the notice is given to the Mayor.

2127.6 A security agency that employs five (5) or more individuals as security officers shall maintain general liability insurance in an amount not less than $250,000 per occurrence and $600,000 in the aggregate, and submit proof of the required insurance to the Mayor.

2127.7 No security agency license may be issued to an applicant, nor may a security agency license be renewed unless the applicant or security agency has submitted proof that the insurance requirements of this section have been met.

SOURCE: Amended by D.C. ACT 16-465 published at 53 DCR 6726 (August 18, 2006).