1. Insurer is licensed and authorized. 8 Insurer is licensed and authorized by the Kentucky Department of Insurance (DOI) to write policies of Errors and Omissions insurance in this state. 2. A M. BEST RATING. Vendors shall have a B+ or better A.M. Best Rating. Bidders with an A.M. Best rating lower than B+ shall not be considered. Should the successful Vendor drop below a B+ rating from A.M. Best during the contract term, the Commonwealth of Kentucky may take appropriate action to secure or maintain this coverage. 3. The Vendor is required to comply with all applicable federal, state, and local rules, regulations, and statutes, including but not limited to, the insurance code in Chapter 304 of the Kentucky Revised Statutes (KRS), as interpreted by the Kentucky Department of Insurance (DOI), during the contract term. 4. Any servicing agents shall be licensed and have on file with the Kentucky Department of Insurance proof of financial responsibility as required under Chapter 304 of the Kentucky Revised Statutes during the contract term. 5. Any claims adjuster(s) shall be licensed as required under Chapter 304 of the Kentucky Revised Statutes during the contract term. 6. Vendors shall compile a list of approved attorneys from which insureds can choose. Approved attorneys must have at least one year experience in real estate litigation and must maintain a principal business address in Kentucky. Attorneys that are licensed in Kentucky whose principal address is located within 50 miles of Kentucky will be considered as maintaining a Kentucky principal business address. (A list of approved attorneys and their business addresses should be included as part of the Bid Response packet.) 7. Vendors shall provide an electronic web service system to verify licensee compliance in real time that is compatible with the Commission's professional licensing back office.
