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North Dakota Century Code Title 26.1. Insurance § 26.1-26.9-03. Sale of self-service storage insurance--Requirements

Current as of January 01, 2024 | Updated by Findlaw Staff

1. At every location where self-service storage insurance is offered to occupants, the owner shall make available to occupants brochures or other written or electronic materials that:

a. 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.

b. State the purchase by the occupant of the self-service storage insurance offered by the owner is not required to lease a space at the self-service storage facility.

c. Provide the actual terms of the self-service storage insurance coverage, or 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 the deductible is to be paid;

(4) Benefits of the coverage; and

(5) Key terms and conditions of the coverage.

d. Summarize the process for filing a claim.

e. State an occupant that purchases self-service storage insurance may cancel enrollment for the occupant's coverage at any time, and the person paying the premium shall receive a refund of any applicable unearned premium.

2. The written materials required by this section are not subject to filing or approval requirements with the commissioner.

3. Self-service storage insurance may be provided under an individual policy or a commercial, corporate, group, or master policy. Form, policy, and rate filings for self-service storage insurance must be made with the commissioner in accordance with this chapter and section 26.1-30-19.

4. Eligibility and underwriting standards for occupants electing to purchase self-service storage insurance coverage must be established for the self-service storage insurance program.

5. The owner is exempt from the examination and education requirements in chapter 26.1-26.

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Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-26.9-03. Sale of self-service storage insurance--Requirements - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-26-9-03/

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