Liability Insurance And Workers’ Compensation

(1) An applicant for a motor vehicle or recreational vehicle dealer license or an automobile auction license shall submit to the Commission with each application for license a certificate of comprehensive garage liability insurance, which covers all premises and operations as listed in the application for license, in a minimum amount of coverage of three hundred thousand dollars ($300,000.00) per occurrence. (2) The minimum required coverage must remain and continue in force for as long as the dealer or automobile auction remains licensed. Upon notice of cancellation, the licensee shall either cease business operations until proof of minimum coverage is provided, or provide evidence of minimum coverage from another provider. (3) All motor vehicle or recreational vehicle dealers shall comply with the applicable workers’ compensation laws of the State of Tennessee.