North Dakota Code 26.1-26.7-03 – Requirements for sale of portable electronics insurance
1. At every location where portable electronics insurance is offered to customers, the vendor shall make available to a prospective customer brochures or other written materials that:
Terms Used In North Dakota Code 26.1-26.7-03
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37
a. Disclose portable electronics 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.
b. State the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease a portable electronic device or services.
c. Summarize the material terms of the insurance coverage, including: (1) The identity of the insurer; (2) The amount of any applicable deductible and how the deductible is to be paid; (3) Benefits of the coverage; and
(4) Key terms and conditions of coverage, such as whether a portable electronic device may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment.
d. Summarize the process for filing a claim, including a description of how to return a portable electronic device and the maximum fee applicable in the event the customer fails to comply with any equipment return requirements.
e. State an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person paying the premium shall receive a refund of any applicable unearned premium.
2. The written materials required by this section are not subject to filing or approval requirements with the commissioner.
3. Portable electronics 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 vendor of portable electronic devices for the vendor’s enrolled customers.
4. A policy of portable electronics insurance must provide primary coverage in the event of a covered loss under more than one policy.
5. Eligibility and underwriting standards for customers electing to enroll in coverage must be established for each portable electronics insurance program.