Tenn. Code § 45-15-116
Every title pledge lender licensed under this chapter shall provide a safe place for the keeping of the pledged property. The title pledge lender shall have sufficient insurance coverage on the pledged property, in the event of loss or damage, for the benefit of the pledgor to pay the title pledge value of the pledged property as written on the title pledge or property pledge agreement; provided, that the personal property is in the physical possession of the title pledge lender. The insurance policy shall name the commissioner as an additional insured party for the protection and benefit of the pledgor. "Title pledge value," for the purposes of this section, means the amount of money loaned in consideration of the pledged goods as stated on the title pledge or property pledge agreement.
T.C.A. § 45-15-116