NAC449.204. System of financial accounting; insurance.

     1. A residential facility shall:

     (a) Maintain a recognized system of financial accounting; and

     (b) Maintain a contract of insurance for protection against liability to third persons in amounts appropriate for the protection of residents, employees, volunteers and visitors to the facility.

     2. A certificate of insurance must be furnished to the Division as evidence that the contract required by subsection 1 is in force, and a license must not be issued until that certificate is furnished. Each contract of insurance must contain an endorsement providing for a notice of 30 days to the Bureau before the effective date of a cancellation or nonrenewal of the policy.

     [Bd. of Health, Group Care Facilities §§ 5.1-5.4, eff. 12-18-75]—(NAC A 3-6-86; R003-97, 10-30-97; R073-03, 1-22-2004)