Mississippi HB496 revises insurance and bond requirements for public works contracts.
Mississippi HB496 amends insurance and bond requirements for public works contracts. It mandates that contractors provide proof of general liability insurance coverage of at least $1,000,000 for bodily injury and property damage. For contracts exceeding $5,000 with the state or $75,000 with local authorities, if subcontractors lack the required insurance, the general contractor becomes liable for the shortfall. The bill also raises the threshold for lump-sum payments from $25,000 to $75,000, exempting these payments from bond requirements.
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