Colorado § 10-4-1503 Requirements for sale of portable electronics insurance

Colorado Statutes

§ 10-4-1503 — Requirements for sale of portable electronics insurance

Colorado·Title 10 Insurance·Art. Property and Casualty Insurance

(1)At every location where portable electronics insurance is offered to customers, the vendor shall make brochures or other written materials available to a prospective customer that:

(a)Disclose that 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 that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services;

(c)Summarize the material terms of the insurance coverage, including:

(I)The identity of the insurer;

(II)The identity of the supervising entity;

(III)The amount of any applicable deductible and how it is to be paid;

(IV)

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(1) At
every location where portable electronics insurance is offered to customers, the
vendor shall make brochures or other written materials available to a prospective
customer that:

(a) Disclose that 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 that the enrollment by the customer in a portable electronics
insurance program is not required in order to purchase or lease portable electronics
or services;

(c) Summarize the material terms of the insurance coverage, including:

(I) The identity of the insurer;

(II) The identity of the supervising entity;

(III) The amount of any applicable deductible and how it is to be paid;

(IV) Benefits of the coverage; and

(V) Key terms and conditions of coverage, such as whether portable
electronics 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 portable electronics and the maximum fee applicable if the customer fails
to comply with any equipment return requirements; and

(e) State that an enrolled customer may cancel enrollment for coverage
under a portable electronics insurance policy at any time, and that the person
paying the premium will receive a refund of any applicable unearned premium.

(2) An insurer may offer portable electronics insurance on a month-to-month
or other periodic basis as a group or master commercial inland marine policy issued
to a vendor of portable electronics for its enrolled customers.

(3) A policy of insurance provides primary coverage in the event of a covered
loss under more than one policy.

(4) Each insurer shall establish eligibility and underwriting standards for
customers electing to enroll in coverage for each portable electronics insurance
program.

Colorado § 10-4-1503 (Requirements for sale of portable electronics insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.