[§431:31-103] Requirements for sale of portable electronics insurance. (a) At every location at which portable electronics insurance is offered to customers, brochures or other written materials shall be made available to prospective customers. The brochures or other written materials shall:
(1) 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;
(2) State that enrollment by the customer in a portable electronics insurance program is not required to purchase or lease portable electronics or services;
(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) The benefits of the coverage; and
(E) The key terms and conditions of coverage, such as whether portable electronics may be repaired or replaced with a similar make and model reconditioned, or with non-original manufacturer parts or equipment;
(4) 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
(5) State that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person paying the premium shall receive a refund of any applicable unearned premium.
(b) Portable electronics insurance may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a vendor for its enrolled customers.
(c) Eligibility and underwriting standards for customers electing to enroll in coverage shall be established for each portable electronics insurance program. [L 2012, c 321, pt of §1]
Section: Previous 431-30-120 431-30-121 431-30-122 431-30-123 431-30-124 431-31-101 431-31-102 431-31-103 431-31-104 431-31-105 431-31-106 431-31-107 431-31-108 NextLast modified: October 27, 2016