(1) All home inspectors are required to carry general liability insurance.
(2) Coverage limits shall be not less than one hundred thousand dollars ($100,000).
(3) All policies and certificates shall provide that cancellation or renewal of the policy shall not be effective unless and until at least ten (10) days' notice of cancellation or nonrenewal has been received in writing by the Arkansas Home Inspector Registration Board.
(4) If the insurance coverage required under this subchapter shall cease to be effective, the insured home inspector shall be required to notify the board in writing, of any lapses in coverage.
(5) After notification, the registration of the affected home inspector shall be suspended until the insurance is reinstated or replaced.
(6) The suspension shall be noted on the home inspector's listing on the board's internet site.