NAC341.043. Qualifications of insurers and sureties.

     1. Except as otherwise provided in this section, an insurer or surety providing the insurance or bond required by the Board for:

     (a) With respect to contracts of more than $5,000,000, a contractor must have received a rating of “A-” or better and be classified in a financial category of “VII” or better as determined by A.M. Best Company of Oldwick, New Jersey, and be included on the list of approved sureties in Circular 570 of the Department of the Treasury.

     (b) With respect to contracts of $5,000,000 or less, a contractor must have received a rating of “A-” or better as determined by A.M. Best Company of Oldwick, New Jersey, and be included on the list of approved sureties in Circular 570 of the Department of the Treasury.

     (c) A subcontractor must have received a rating of “A-” or better as determined by A.M. Best Company of Oldwick, New Jersey, and be included on the list of approved sureties in Circular 570 of the Department of the Treasury.

     2. The requirements of subsection 1 do not apply to Lloyd’s of London.

     3. The Administrator may specify a lesser rating or financial category for an insurer or surety after giving consideration to the size and complexity of the project for which the insurance or bond is required.

     (Added to NAC by Pub. Works Bd., eff. 3-17-94; A by R096-04, 12-15-2004; R106-11, 5-30-2012)