(1) Each conveyance contractor shall submit to the administrator an insurance policy, certificate of insurance, or certified copy of either issued by an insurance company authorized to do business in Colorado. Such policy shall provide general liability coverage of at least one million dollars for injury or death in each occurrence and coverage for at least five hundred thousand dollars for property damage in each occurrence. In addition, a conveyance contractor shall submit evidence of the insurance coverage mandated by the "Workers' Compensation Act of Colorado", articles 40 to 47 of title 8, C.R.S.

(2) Certified conveyance inspectors shall submit to the administrator an insurance policy, certificate of insurance, or certified copy of either issued by an insurance company authorized to do business in Colorado. Such policy shall provide general liability coverage of at least one million dollars for injury or death in each occurrence and coverage for at least five hundred thousand dollars for property damage in each occurrence.

(3) The administrator shall not certify a conveyance contractor or conveyance inspector unless the applicant has delivered the policy, certified copy, or certificate of insurance required by this section in a form approved by the administrator. A certified conveyance contractor or conveyance inspector shall notify the administrator at least ten days before a material alteration, amendment, or cancellation of a policy is made.

(4) This section shall not apply to a local jurisdiction or the employee of a local jurisdiction in the performance of the employee's official duties.