Sec. 6. (a) As used in this chapter, “portable electronics insurance” means
insurance that provides coverage for the repair or replacement of
portable electronics, including coverage for loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss.
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Terms Used In Indiana Code 27-1-15.9-6
- Contract: A legal written agreement that becomes binding when signed.
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
(1) A service contract or extended warranty that provides coverage for repair, replacement, or maintenance only to address operational or structural failure caused by:
(A) a defect in materials or workmanship;
(B) accidental damage from a power surge; or
(C) normal wear and tear.
(2) A policy of insurance that covers a seller’s or manufacturer’s obligations under a warranty.
(3) Any of the following:
(A) A homeowner’s insurance policy.
(B) A renter’s insurance policy.
(C) A private passenger automobile insurance policy.
(D) A commercial multi-peril insurance policy.
(E) An insurance policy that provides coverage similar to the insurance provided by a policy described in clauses (A) through (D).
As added by P.L.4-2012, SEC.3.
