48 CFR 828.7002

828.7002 Financial protection.

United States · 48 CFR — Federal Acquisition Regulations System · Status: effective

Cite this

Citation: 48 CFR 828.7002, 828.7002 Financial protection, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/247399
Permanent ID: ys:prov:247399@1
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Full text

(a) A contractor shall have and maintain an amount of financial protection to cover liability to third persons and loss of or damage to the contractor's property that meets one of the following: (1) The maximum amount of insurance available from private sources; or (2) A lesser amount that the Secretary establishes after taking into consideration the cost and terms of private insurance. (b) Financial protection may include private insurance, private contractual indemnities, self-insurance, other proof of financial responsibility, or a combination that provides the maximum amount required. If a contractor elects to self-insure, the contractor must provide the contracting officer, before award, proof of financial responsibility up to the maximum amount required. (38 U.S.C. 7317)

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.