Each Electrical Contractor, Master Electrician or Journeyman
Electrician who is licensed pursuant to this chapter, including any
of the foregoing who or which is granted a temporary license, shall
maintain appropriate insurance issued by an insurance company licensed
to do business in the State of New York in a single limit of liability
of not less than $500,000 for each act of negligence or other injury
to persons or property. Each such person licensed pursuant to this
chapter shall file with the Board annually, or upon any change of
insurance carrier, a certificate of insurance showing the maintenance
and existence of such insurance coverage. The failure to maintain
such insurance policy or file proof of coverage shall be grounds for
the suspension of such person's license under this chapter, which
suspension shall continue in effect until coverage is obtained or
reinstated.