§ 27-1-16.1-14 — Charges for self-storage insurance; handling of funds; compensation

Indiana § 27-1-16.1-14

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 16.1: Self-Storage Insurance

Text

The following apply to charges for
self-storage insurance:
(1) The charges may be billed and collected by the self-storage
facility.
(2) If the insurance cost is not included in the cost associated with
the self-storage rental agreement, the insurance cost must be
separately itemized on the insured customer's bill.
(3) If the insurance cost is included in the cost associated with the
self-storage rental agreement, the self-storage facility shall clearly
and conspicuously disclose to the insured customer that the
self-storage insurance cost is included with the cost of the
self-storage rental agreement.
(4) A self-storage facility that bills and collects the charges shall
maintain collected funds in a segregated account unless the:
(A) insurer that issues the self-storage insurance policy
authorizes the self-storage facility to hold the funds in an
alternative manner; and
(B) self-storage facility remits the funds to the supervising
entity less than sixty (60) days after the self-storage facility
receives the funds.
(5) All funds received by the self-storage facility from an insured
customer as payment for the purchase of coverage under a
self-storage insurance policy are considered to be funds held in
trust by the self-storage facility in a fiduciary capacity for the
benefit of the insurer.
(6) A self-storage facility may receive from an insurer or a
supervising entity compensation for billing and collection
services. Compensation described in this subdivision may be
dependent on the sale of self-storage insurance.

Legislative History

As added by P.L.81-2013, SEC.3.