New Mexico § 59A-62-5 Disclosure of terms

New Mexico Statutes

§ 59A-62-5 — Disclosure of terms

New Mexico § 59A-62-5

Ch. 59AInsurance Code

Art. 62Self-Service Storage Insurance License

This text of New Mexico § 59A-62-5 (Disclosure of terms) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 59A-62-5 (2026).

Text

A. A self-service storage insurance producer shall not sell, solicit or offer self- service storage insurance to occupants at any location unless the licensee makes available a brochure or other written or electronic material that:

(1)discloses that self-service storage insurance may provide a duplication of coverage already provided by an occupant's homeowner's insurance policy, renter's insurance policy, vehicle insurance policy, watercraft insurance policy or other property insurance coverage;

(2)states that the purchase by the occupant of the self-service storage insurance offered by the owner is not required in order to lease storage space at the self-service storage facility;

(3)provides the actual terms of the self-service storage insurance coverage or summarizes the material ter

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A. A self-service storage insurance producer shall not sell, solicit or offer self- service storage insurance to occupants at any location unless the licensee makes available a brochure or other written or electronic material that: (1) discloses that self-service storage insurance may provide a duplication of coverage already provided by an occupant's homeowner's insurance policy, renter's insurance policy, vehicle insurance policy, watercraft insurance policy or other property insurance coverage; (2) states that the purchase by the occupant of the self-service storage insurance offered by the owner is not required in order to lease storage space at the self-service storage facility; (3) provides the actual terms of the self-service storage insurance coverage or summarizes the material terms of the self-service storage insurance coverage, including: (a) the identity of the insurer; (b) the price of coverage and how payment shall be made; (c) the identity of the supervising entity; (d) deductibles, exclusions and conditions; (e) benefits of the coverage; and (f) key terms and conditions of coverage; (4) summarizes the process for filing a claim; and (5) states that an occupant that purchases self-service storage insurance may cancel the insurance at any time by notifying the insurer or the supervising entity in writing and shall receive a refund of any unearned premium within twenty days of cancellation. B. The written or electronic material required pursuant to this section shall be submitted to the superintendent for approval upon request.