(A) Any person desiring to be licensed as a contractor shall be required to produce a certificate of insurance stating that the applicant has manufactures contractors liability insurance, including products and completed operations and property damage insurance, in the amount not less than $1,000,000.
(B) In addition, before the issuance of the license, the applicant shall be required to comply with and prove such compliance with any bond requirements of the state.
(C) The insurance and bond requirements set forth in this section shall be maintained during the term of the license. Failure to maintain either the insurance or the requisite bond may result in suspension or revocation of any license issued.