The following words and terms, when used in this chapter, shall have the following meanings, unless the context clearly indicates otherwise: (1) Business Day--Days in which an agency operates under a normal business schedule, including days in which an agency is staffed with a skeleton crew and optional holidays as defined in Texas Government Code §662.003(c). (2) Claim--A demand by an individual or entity to recover a financial loss caused by an agency or its employee. (3) Exposures--A situation, practice or condition that might lead to a loss. (4) Incident--An event that disrupts normal activities and may become a loss or claim. (5) Insurance Policy--Any line of insurance, other than health or life insurance, including liability insurance authorized under Government Code, Chapter 612. This definition applies to all property, casualty and liability insurance. (6) Liability--Includes every character of hazard or responsibility. The term includes professional liability, medical malpractice, employment and civil rights violations, and similar liabilities. The term includes, but is not limited to, the duty to pay for: (A) the actions or lack of action by a state official, state employee, or person operating under the authority of the state; (B) liability-assumed contracts such as lease or rental agreements; and (C) liabilities created by federal or state law, or common law. (7) Loss--The basis of a claim for damages under the terms of a policy or the loss of assets resulting from an insurable risk. (8) Notary Without Bond--An employee of a state agency whose responsibilities include serving as notary for an agency. (9) Notary Bond--A bond, as required under Government Code §406.010, to protect against the negligent act of a notary public. (10) Office--The State Office of Risk Management. (11) Property--Anything owned, leased, occupied, or borrowed by a state agency, whether corporeal or incorporeal, tangible or intangible, real or personal. The term includes, but is not limited to: (A) land and mineral rights; (B) buildings and other improvements; (C) vehicles and boats; (D) equipment; (E) published materials; (F) works of art and antiquities; (G) furniture; (H) supplies; (I) chemicals; (J) food and agricultural products; (K) apparel; (L) raw materials; (M) rights and royalties; (N) intellectual property; (O) financial assets including money; and (P) EDP hardware and software. (12) Sponsored Policy--A policy obtained by the Office on behalf of agencies for statewide use. (13) Surety Bond--Shall have the meaning given under Government Code §653.003. Surety bonds include, but are not limited to, public official bonds and fidelity bonds. |
