AN ACT to amend Tennessee Code Annotated, Title 4; Title 38; Title 39; Title 47; Title 56 and Title 68, relative to firearm insurance.
If enacted, this legislation would amend multiple sections of the Tennessee Code Annotated, where provisions concerning firearm insurance are integrated into existing laws. It is expected to fill gaps in financial responsibility arising from firearm incidents, potentially reducing the burden on taxpayers to cover costs associated with damages or injuries caused by firearms. Additionally, the bill’s enforcement mechanism categorizes violations as Class C misdemeanors with a fine of up to $300, illustrating the state's stance on the seriousness of adhering to this insurance requirement.
Senate Bill 2948 mandates that individuals residing in Tennessee and owning firearms must maintain an active insurance policy. Specifically, this policy must cover losses and damages resulting from the use of the firearm, with a minimum coverage amount of one million dollars. The bill aims to ensure that firearm owners are accountable for potential damages caused by their firearms, thereby promoting a sense of responsibility among gun owners. Insurers will be required to provide documentation upon request to any party that suffers losses related to the firearm, establishing a clear protocol for coverage verification.
The bill has sparked various discussions among stakeholders, particularly regarding the implications it could have on gun ownership rights and insurance accessibility. Proponents argue that requiring insurance could lead to safer practices among firearm owners and provide necessary financial protection for victims of firearm-related incidents. However, critics raise concerns about the potential financial burden that insurance premiums might impose on low-income individuals and question whether such a requirement could unintentionally infringe on Second Amendment rights. Moreover, there are apprehensions related to the efficacy and implementation of such insurance requirements in practical scenarios.