Texas Insurance Code 981.0033 – Industrial Insured Defined
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Terms Used In Texas Insurance Code 981.0033
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
For purposes of this chapter, “industrial insured” means a person who purchases commercial insurance and, at the time of placement:
(1) employs or retains a qualified risk manager to negotiate insurance coverage; and
(2) either:
(A) has paid aggregate nationwide commercial property and casualty insurance premiums of more than $25,000 in the immediately preceding 12 months; or
(B) employs at least 25 full-time employees.