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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 10. OCCUPATIONS RELATED TO LAW ENFORCEMENT AND SECURITY |
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Chapter 1702. PRIVATE SECURITY |
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Subchapter F. LICENSING AND DUTIES OF INVESTIGATIONS COMPANIES AND SECURITY SERVICES CONTRACTORS |
Sec. 1702.124. INSURANCE REQUIREMENT
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(a) An applicant is not eligible for a license unless the applicant provides as part of the application:
(1) a certificate of insurance or other documentary evidence of a general liability insurance policy countersigned by an insurance agent licensed in this state; or
(2) a certificate of insurance for surplus lines coverage obtained under Chapter 981, Insurance Code, through a licensed Texas surplus lines agent resident in this state.
(b) The general liability insurance policy must be conditioned to pay on behalf of the license holder damages that the license holder becomes legally obligated to pay because of bodily injury, property damage, or personal injury, caused by an event involving the principal, or an officer, agent, or employee of the principal, in the conduct of any activity or service for which the license holder is licensed under this chapter.
(c) The insurance policy must contain minimum limits of:
(1) $100,000 for each occurrence for bodily injury and property damage;
(2) $50,000 for each occurrence for personal injury; and
(3) a total aggregate amount of $200,000 for all occurrences.
(d) A person who is licensed to install and service fire alarms under Article 5.43-2, Insurance Code, complies with the insurance requirements of this section by complying with the insurance requirement of that article if the insurance held by the applicant complies with the requirements of this section in amounts and types of coverage.
(e) An insurance certificate executed and filed with the department under this chapter remains in effect until the insurer terminates future liability by providing to the department at least 10 days' notice of the intent to terminate liability.