Maine Revised Statutes Title 24-A Sec. 7603 – Requirements for the sale of self-storage insurance
Current as of: 2023 | Check for updates
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1. Brochures. At each location where a self-storage provider sells or offers self-storage insurance to customers, the self-storage provider shall make available to a prospective customer brochures or other written materials that:
A. Disclose that self-storage insurance may provide a duplication of coverage already provided by a customer’s homeowner’s insurance policy, renter’s insurance policy or other source of coverage; [PL 2021, c. 676, Pt. A, §42 (NEW).]
B. State that the enrollment by the customer in a self-storage insurance policy is not required in order to rent or lease storage space within a self-storage facility; [PL 2021, c. 676, Pt. A, §42 (NEW).]
C. Summarize the material terms of the insurance coverage, including:
(1) The identity of the insurer;
(2) The identity of the supervising entity;
(3) The amount of any applicable deductible and how it is to be paid; and
(4) Benefits of the coverage; [PL 2021, c. 676, Pt. A, §42 (NEW).]
D. Summarize the process for filing a claim; and [PL 2021, c. 676, Pt. A, §42 (NEW).]
E. State that the customer may cancel enrollment for coverage under a self-storage insurance policy at any time and the person paying the premium must receive a refund of any applicable unearned premium. [PL 2021, c. 676, Pt. A, §42 (NEW).]
[PL 2021, c. 676, Pt. A, §42 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 7603
- Customer: includes the sublessee, assignee or successor in interest of the person originally a party to a rental agreement with a self-storage provider. See Maine Revised Statutes Title 24-A Sec. 7601
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Location: means any physical location of a self-storage facility in the State or any publicly accessible website, call center or similar operation directed to residents of the State. See Maine Revised Statutes Title 24-A Sec. 7601
- Self-storage facility: means any real property or facility in which individual storage spaces rented or leased by a self-storage provider to a customer are located and within which a customer is generally responsible for placing and removing property the customer stores within a rented or leased storage space. See Maine Revised Statutes Title 24-A Sec. 7601
- Self-storage insurance: means personal property insurance authorized under section 705 providing coverage for the repair or replacement of personal property of a covered customer stored at a self-storage facility or in transit to or from a self-storage facility against various causes of loss, including loss or damage. See Maine Revised Statutes Title 24-A Sec. 7601
- Self-storage provider: means a person or business entity, as defined in section 1151?A, subsection 4, that is the owner, operator, lessor or sublessor of a self-storage facility. See Maine Revised Statutes Title 24-A Sec. 7601
- Supervising entity: means a business entity that is a licensed insurance producer or insurer. See Maine Revised Statutes Title 24-A Sec. 7601
2. Periodic basis of coverage. Self-storage insurance may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a self-storage provider under which individual customers may elect to enroll for coverage.
[PL 2021, c. 676, Pt. A, §42 (NEW).]
3. Eligibility and underwriting standards. Eligibility and underwriting standards for customers that elect to enroll in self-storage insurance must be established by an insurer for each self-storage insurance program.
[PL 2021, c. 676, Pt. A, §42 (NEW).]
SECTION HISTORY
PL 2021, c. 676, Pt. A, §42 (NEW).