§431:10-222.5  Pooled insurance.  (a) 
Insurers may offer pooled insurance which allows liability insurance and all
other types of insurance required by law, not including prepaid health
insurance, to be obtained for a construction project.  Pooled insurance may be
purchased by:



(1)  The State and its public instrumentalities for
specific public works construction projects, or any other construction project
in the public interest which is publicly financed in whole or in part; or



(2)  A private person or legal entity subject to the
State's tax laws for a specific construction project.



Pooled insurance shall be limited to those
construction projects that are estimated to cost $50,000,000 or more for the
total construction project.



(b)  For purposes of this section, "pooled
insurance" means an insurance policy or policies from licensed private
insurers which cover the liability of all developers, contractors, and
subcontractors, for their performance directly related to the project.  The
insurance policy or policies shall cover only a specific public works or
private construction project and shall be in effect for the limited period of
time required to complete construction of that project; provided that the
policy or policies shall cover claims in accordance with the terms of the
policy or policies and within the applicable statute of limitations for those
claims.



(c)  The State, its public instrumentalities,
or a private person or entity may obtain a pooled insurance policy or policies
and seek contributions or reimbursements of premiums from any contractor or
subcontractor who is included as a named insured.  In the alternative to the
preceding, the State, its instrumentalities, or a private person or entity may
arrange a premium payment guarantee from any contractor or subcontractor
included as a named insured.



(d)  As used in this section,
"contractors" and "subcontractors" do not include
architects and engineers.



(e)  Nothing in this section shall be construed
to alter or nullify the liability of any party to the State for claims arising
from a public works construction project.



(f)  In cases of conflict with section 386-124,
this section shall control.



(g)  For purposes of this section, the phrases
"specific construction project", "specific public works
construction projects, or any other construction project in the public
interest", and "total construction project" shall include those
projects that may have multiple sites, and projects that involve ongoing
construction in phases. [L 1996, c 224, §1; am L 1998, c 268, §2]