VA SB535

Requires nursing homes and certified nursing facilities to maintain minimum $1 million per occurrence in general liability insurance coverage and professional liability coverage at least equal to the recovery limit in § 8.01-581.15 per patient occurrence

When a nursing home or certified nursing facility is sold or transferred, the purchaser must obtain an extended reporting endorsement covering two years after the sale date, or purchase liability insurance with coverage dates beginning two years prior to when the seller's policies end

Sellers may provide purchasers with a certificate of insurance evidencing compliance with the extended reporting endorsement requirements

Purchasers must provide evidence of compliance with these insurance requirements to the Department of Health

Failure to comply with the insurance coverage requirements results in revocation of the facility's license