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A BILL TO BE ENTITLED
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AN ACT
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relating to the insurance requirement applicable to a guard company |
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license. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1702.124, Occupations Code, is amended |
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by amending Subsection (c) and adding Subsection (c-1) to read as |
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follows: |
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(c) Except as provided by Subsection (c-1), the [The] |
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insurance policy must contain minimum limits of: |
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(1) $100,000 for each occurrence for bodily injury and |
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property damage; |
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(2) $50,000 for each occurrence for personal injury; |
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and |
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(3) a total aggregate amount of $200,000 for all |
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occurrences. |
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(c-1) If the application is for a license to act as a guard |
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company, the insurance policy must contain minimum limits of: |
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(1) $1 million for each occurrence for bodily injury |
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and property damage; |
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(2) $1 million for each occurrence for personal |
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injury; and |
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(3) a total aggregate amount of $2 million for all |
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occurrences. |
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SECTION 2. The change in law made by this Act applies only |
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to an applicant for or holder of a license under Chapter 1702, |
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Occupations Code, on or after January 1, 2018. |
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SECTION 3. This Act takes effect September 1, 2017. |