Section 38-97-40 - Brochures or other written materials to be made available to customers; insurance may be offered on periodic basis; eligibility and underwriting standards(A) A vendor of portable electronics insurance must make certain brochures or other written materials available to its customers in a location where the vendor sells this insurance. The brochures or written materials must: (1) disclose that portable electronics insurance may provide a duplication of coverage already provided by a homeowner's policy, renter's insurance policy, or other source of insurance coverage of the customer;(2) state that the enrollment in a portable electronics insurance program is not required for the customer to purchase or lease portable electronics or services from the vendor; and(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 this deductible must be paid;(d) benefits of the coverage;(e) 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;(f) a summary of the process for filing a claim under the policy, including a description of how to return portable electronics and the maximum fee applicable if an enrolled customer fails to comply with an equipment return requirement; and(g) a statement that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person who pays the premium must 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 of portable electronics for its enrolled customers.(C) Eligibility and underwriting standards for customers electing to enroll in coverage must be established for each portable electronics insurance program.Added by 2012 S.C. Acts, Act No. 172 (HB 4787), s 1, eff. 1/1/2013.