SECTION 390:35-11-3. Liability coverage

(a)   Licensed security guards, armed security guards, and private investigators shall be individually responsible for obtaining and maintaining their own liability insurance or surety bond when they leave the employment of an agency, and/or when they are self-employed.

(b)   No private security license issued in accordance to 59 O.S., Section 1750.1 et seq. shall be valid when the licensee fails to maintain the prescribed liability coverage.

(c)   Proof of insurance or surety bond shall be provided to CLEET by submitting a certificate of insurance, such as the Accord Form; or a copy of the policy, or a copy of the bond; or a letter from the issuing company. Regardless of the method chosen, the proof submitted shall at least contain the following information:

(1)   Name of insured

(2)   Name and address of insurer

(3)   Policy limits, coverages, and amounts

(4)   Effective dates of policy

(5)   If covered by a bond, the original bond proof of coverage must include an original or copy of the Notification of Bond and Power of Attorney. Proof of renewal of the bond does not require a copy of the Power of Attorney, only submission of the Notification of Bond.

(d)   Any company providing insurance or surety bonds must be licensed to do business in the State of Oklahoma.

(e)   Every licensee shall ensure that their insurance or bond will not be cancelled or modified unless ten (10) days prior written notice is submitted to CLEET.

(f)   A violation of the rules of this subchapter will constitute grounds for immediate suspension or revocation of a license, and/or disciplinary penalty or fine.

(g)   Insurance or surety bond must be maintained and current insurance information must be provided to CLEET within ten (10) days of the date of previous insurance or surety bond expiration.

[Source: Amended at 11 Ok Reg 1289, eff 2-16-94 (emergency); Amended at 11 Ok Reg 2853, eff 6-15-94; Amended at 23 Ok Reg 1934, eff 7-1-06; Amended at 34 Ok Reg 1742, eff 9-11-17]