(1) Persons regulated by Title 37, chapter 60, MCA, and licensed as follows shall file a yearly certificate of insurance with the board:

(a) Private investigators shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury.

(b) Electronic security companies shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury and errors and omissions coverage.

(c) Contract and proprietary security companies shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury.

(d) Certified firearms instructors (CFIs) shall maintain a minimum of $500,000 occurrence form of commercial general liability which includes personal injury and errors and omissions coverage.

(2) Process servers shall maintain a surety bond in the amount of $10,000 for an individual or $100,000 for a firm. A levying officer may not levy on a judgment that exceeds the value of the bond.

(3) Private investigators with a firearms endorsement, CFIs, and contract and proprietary security companies who employ security guards with firearms endorsements must carry firearms liability coverage.

(4) Except as provided in this rule, all licensees must be insured by a carrier:

(a) licensed in the state in which the insurance was purchased and covered by that state's insolvency fund; or

(b) licensed in the state of Montana.

(5) Each licensee shall direct and authorize the insurance carrier to inform the board if the coverage or surety bond is canceled or allowed to lapse.

(6) Licensees must maintain the insurance coverage, surety bond, and firearms liability coverage required by this rule at all times of active licensure status or place their licenses on inactive status. Failure to carry current insurance during active licensure status is grounds for administrative suspension.