§ 23-88-503 — Requirements for sale of portable electronics insurance

(a) At a location where portable electronics insurance coverage is offered to customers, a prospective customer shall receive written disclosure that states: (1) Portable electronics insurance may provide duplication of coverage provided by a customer's homeowner's insurance policy, renter's insurance policy, or other source of coverage; (2) The enrollment by the customer for portable electronics insurance coverage is not required in order to purchase or lease portable electronics devices or services; (3) The material terms of the insurance coverage, to include: (A) The identity of the insurer; (B) The identity of the supervising entity; (C) The amount of an applicable deductible; (D) An explanation of the individual that is responsible for the applicable deductible; (E) Benefits of the coverage; and (F) Key terms and conditions of coverage, including without limitation whether or not portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment; (4) The process for filing a claim, including: (A) A description of how to return portable electronics; and (B) The maximum fee if the customer fails to comply with requirements for returning the portable electronics; and (5) (A) An enrolled customer may cancel a portable electronics insurance policy at any time. (B) The person paying the premium shall receive a refund of the unearned premium. (b) A vendor that has been issued a group or master commercial inland marine policy may offer portable electronics insurance on a month-to-month basis or other periodic basis for its enrolled customers. (c) Eligibility and underwriting standards for customers to enroll in coverage are to be established by the supervising entity for a portable electronics insurance policy before offering the portable electronics insurance to a customer.

Legislative History

Acts 2011, No. 1018, § 1.