§ 6.73.070. Insurance required.

A.

Before any certificate shall be issued under this chapter by the MTLC, or before the renewal of such certificate shall be granted, the applicant shall be required to file a certificate of insurance, complete with a schedule of covered LSVs, with the MTLC director evidencing insurance coverage as required in this section.

B.

Minimum insurance requirements.

1.

Comprehensive general (public) liability and property damage insurance, inclusive of contractual liability, in an amount of not less than one million dollars combined single limit written on an occurrence basis.

2.

Comprehensive automobile liability in an amount of not less than one million dollars combined single limit written on an occurrence basis and uninsured/underinsured motorist insurance coverage in an amount not less than twenty-five thousand dollars (bodily injury per person)/fifty thousand dollars (per accident)/fifteen thousand dollars (for property damage). All vehicles permitted under a single certificate shall be covered under one master policy held by that certificate holder. The certificate of insurance shall also list the vehicle identification number of each vehicle that is insured. Any change in vehicles covered under the policy must be reported immediately to the MTLC director.

3.

The insurance company must be licensed to do business in the State of Tennessee or be an eligible surplus line insurer with the Tennessee Department of Commerce and Insurance and have a rating from AM Best or another equivalently reliable rating system that meets the requirements of the rules or regulations adopted by the MTLC. Eligible surplus line insurers may be required to have a higher rating than a company licensed to do business in the State of Tennessee. The insurance policy shall name the Metropolitan Government of Nashville and Davidson County, its officials, officers, employees, and volunteers as additional insureds.

C.

The operation of any LSV within the metropolitan area without having in force the public liability insurance policy as outlined in this section is hereby declared to be in violation of this article, subjecting the owner and/or certificate holder to all applicable penalties provided in this article and this chapter.

D.

Each applicant for a LSV license shall maintain workers' compensation insurance to the extent required by Tennessee law.

E.

Any insurance policy required by this section must be in a form satisfactory to the MTLC and must provide that the policy will not be cancelled and the amount of coverage will not be changed unless sixty days' prior written notice is given to the MTLC.

F.

The failure of a certificate holder to maintain continuous coverage of insurance as required by this section shall be deemed sufficient cause for revocation of the certificate.

(Ord. BL2014-993 § 1, 2015)