A contract for the provision of industrial insurance that is authorized pursuant to NRS 616B.712 must include, without limitation:

1. Provisions that require compliance with each of the requirements relating to safety and the administration of claims for industrial insurance at the site of the construction project that are set forth in NRS 616B.725 and 616B.727;

2. The names and qualifications of the persons appointed to oversee issues of safety and the administration of claims for industrial insurance at the site of the construction project pursuant to NRS 616B.725 and 616B.727;

3. The terms and conditions pursuant to which the contract provides industrial insurance coverage. The terms and conditions must include, without limitation:

(a) A definition of the site of the construction project that:

(1) Delineates clearly the area within which coverage is provided; and

(2) Is reasonably contiguous to the actual physical site of the construction project; and

(b) A description of the scope and details of the construction project and the duration of industrial insurance coverage that is provided for the project;

4. A list in which the owner, principal contractor, construction manager, contractors and subcontractors of the construction project are set forth as named insureds; and

5. A provision setting forth the penalties to which the owner, principal contractor, construction manager, contractors and subcontractors of the construction project may be subject if such persons or entities fail to comply with the provisions relating to safety and the administration of claims for industrial insurance that are required pursuant to NRS 616B.725 and 616B.727.

(Added to NRS by 1999, 3145)