§ 56-6-1203 — Availability of brochures or other written materials - Offer on periodic basis - Eligibility and underwriting standards

(a) At every location where self-service storage insurance is offered to occupants, brochures or other written materials shall be made available that: (1) Disclose 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 or other source of coverage; (2) State that the enrollment by the occupant in a self-service storage insurance program is not required in order to lease self-service storage space; (3) Summarize the material terms of the insurance coverage, including: (A) The identity of the insurer; (B) The identity of the supervising entity; (C) The amount of any applicable deductible and how it is to be paid; (D) Benefits of the coverage; and (E) Key terms and conditions of coverage such as whether covered personal property may be repaired or replaced; (4) Summarize the process for filing a claim; and (5) State that the enrolled occupant may cancel enrollment for coverage under a self-service storage insurance policy at any time and the person paying the premium shall receive a refund of any applicable unearned premium. (b) Self-service storage insurance may only be offered or sold on a periodic basis in connection with the rental of leased space at the self-service storage facility on a master, corporate, commercial, group, or individual policy basis and only with respect to personal property insurance that provides coverage to an occupant at the self-service storage facility where the insurance is transacted for the loss of or damage to stored personal property that occurs at such facility. (c) Eligibility and underwriting standards for occupants electing to enroll in coverage shall be established for each self-service storage insurance program.

Legislative History

Added by 2013 Tenn. Acts, ch. 293,s 4, eff. 7/1/2013.