(a) An operator shall procure and keep in full force and effect no less than the insurance coverage required by this section through a policy or policies written by an insurance company that:
(1) is authorized to do business in the State of Texas;
(2) acceptable to the city; and
(3) does not violate the ownership or operational control prohibition described in Subsection (e) of this section.
(b) The insured provisions of the policy must name the city and its officers and employees as additional insureds, and the coverage provisions must provide coverage for any loss or damage that may arise to any person or property by reason of the operation of a shared dockless vehicle.
(c) An operator shall maintain the following insurance coverages:
(1) The commercial general liability insurance must provide single limits of liability for bodily injury (including death) and property damage of $1 million for each occurrence, with a $2 million annual aggregate.
(2) If an operator will utilize motor vehicles in its operations, the business automotive liability insurance must cover owned, hired, and non-owned vehicles, with a combined single limit for bodily injury (including death) and property damage of $500,000 per occurrence.
(3) Worker's compensation insurance with statutory limits.
(4) Employer's liability insurance with the following minimum limits for bodily injury by:
(A) accident, $500,000 per each accident; and
(B) disease, $500,000 per employee with a per policy aggregate of $500,000.
(5) Cyber/technology network liability and risk insurance, inclusive of information security and privacy with minimum limits of $1 million per claim.
(d) Insurance required under this article must:
(1) include a cancellation provision in which the insurance company is required to notify the director in writing not fewer than 30 days before cancelling the insurance policy (for a reason other than non-payment) or before making a reduction in coverage;
(2) include a cancellation provision in which the insurance company is required to notify the director in writing not fewer than 10 days before cancelling for non-payment;
(3) include an endorsement to waive subrogation in favor of the city and its officers and employees for bodily injury (including death), property damage, or any other loss.
(4) cover all shared dockless vehicles during the times that the vehicles are deployed or operating in furtherance of the operator's business;
(5) include a provision requiring the insurance company to pay every covered claim on a first-dollar basis;
(6) require notice to the director if the policy is cancelled or if there is a reduction in coverage; and
(7) comply with all applicable federal, state, and local laws.
(e) No person who has a 20 percent or greater ownership interest in the operator may have an interest in the insurance company.
(f) An operator may not be self-insured.