Section 7003 - Requirements for sale of portable electronic device insurance1.Brochures. At every location where portable electronic device insurance is offered to customers, brochures or other written materials must be made available to a prospective customer that:A. Disclose that portable electronic device 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; [2011, c. 297, §5(NEW).]B. State that the enrollment by the customer in a portable electronic device insurance policy is not required in order to purchase or lease a portable electronic device or service; [2011, c. 297, §5(NEW).]C. Summarize the material terms of the insurance coverage, including: (1) The identity of the insurer;(2) The identity of the supervising entity;(3) The amount of any applicable deductible and how it is to be paid;(4) Benefits of the coverage; and(5) Key terms and conditions of coverage such as whether the portable electronic device may be replaced with a similar make and model or repaired using reconditioned or nonoriginal manufacturer parts or equipment; [2011, c. 297, §5(NEW).]D. Summarize the process for filing a claim, including a description of any requirements to return the portable electronic device and the maximum fee applicable if the customer fails to comply with any equipment return requirements; and [2011, c. 297, §5(NEW).]E. State that the customer may cancel enrollment for coverage under a portable electronic device insurance policy at any time and the person paying the premium must receive a refund of any applicable unearned premium. [2011, c. 297, §5(NEW).] [2011, c. 297, §5(NEW).]
2.Periodic basis of coverage. Portable electronic device 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 under which individual customers may elect to enroll for coverage. [2011, c. 297, §5(NEW).]
3.Eligibility and underwriting standards. Eligibility and underwriting standards for customers electing to enroll in coverage must be established by an insurer for each portable electronic device insurance program. [2011, c. 297, §5(NEW).]
Added by 2011, c. 297,§ 5, eff. 9/28/2011.