Tennessee § 62-11-108 - Liability insurance coverage — Liability insurance certificates.

§ 62-11-108. Liability insurance coverage — Liability insurance certificates.

No license shall be issued under this chapter unless the applicant files with the commissioner evidence of all of the following liability insurance with the following minimum coverages: One hundred thousand dollars ($100,000) because of bodily injury or death of one (1) person as a result of the negligent act or acts of the principal insured or the principal insured's agents operating in the scope and course of the agent's employment; Subject to the limit for one (1) person, three hundred thousand dollars ($300,000) because of bodily injury or death of two (2) or more persons as the result of the negligent act or acts of the principal insured or the principal insured's agent operating in the course and scope of the agent's employment; and One hundred thousand dollars ($100,000) because of injury to or destruction of property as a result of the negligent act or acts of the principal insured or the principal insured's agent operating in the course and scope of the agent's employment. The state shall be listed as a certificate holder on the liability insurance policies. The insurance certificates shall be available for inspection during normal business hours on the request of the commissioner or duly appointed and identified representatives. The certificates shall provide that the insurance shall not be modified or cancelled without ten (10) days prior notice to the commissioner. Acts 2006, ch. 885, § 9; 2007, ch. 526, § 12. Compiler's Notes. Acts 2007, ch. 526, § 22 provided that for the purpose of implementing the Locksmith Licensing Act of 2006, the commissioner is authorized to begin administering applicable examinations and issuing licenses to applicants when such examinations are available.