1. A contract, agreement, or undertaking with another person for the installation of electrical wiring or power limited wiring or the installation of electrical or power limited system parts of other apparatus may not be entered by anyone other than a master electrician or power limited electrician. A class B electrician may not enter a contract, undertaking, or agreement for the installation of electrical wiring, except for:
a. Farmstead electrical wiring; or b. Residential electrical wiring in one or two family dwellings located in a city with a population of two thousand five hundred or fewer.
2. If a licensee is acting as a contractor, that licensee shall submit to the board evidence of the existence of public liability insurance with a licensed insurance carrier, with policy limits of at least five hundred thousand dollars.