A. An exchange facilitator at all times shall:\n1. Maintain a policy of errors and omissions insurance in an amount not less than $250,000 executed by an insurer authorized to do business in the Commonwealth; or\n2. Deposit an amount of cash or provide irrevocable letters of credit equivalent to the sum of not less than $250,000.\nB. The exchange facilitator may maintain errors and omissions insurance, cash, or irrevocable letters of credit in excess of the amounts required in this section.\n2010, c. 409, § 55-525.4; 2019, c. 712.
Virginia Legal Code