HRS §449-12
Errors and omissions insurance or other security devices
This section requires a licensed escrow depository to always have either errors and omissions insurance or a cash/security deposit approved by the commissioner. The insurance must be from a state-authorized insurer and meet minimum coverage amounts. The commissioner must approve any large deductible.
businesses
The statute, as written — Errors and omissions insurance or other security devices
[See Note below.] A licensed escrow depository shall at all times either: (1) Maintain a policy of errors and omissions insurance executed by an insurer authorized to do business in the State in an amount not less than $250,000; provided that any policy which is subject to a deductible thereunder in excess of $100,000, per occurrence, shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed coverage; or (2) Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.