Bill > S533

This bill allows operators of self-storage facilities to become licensed as "self-service storage agents," enabling them to sell specific types of insurance directly related to the rental of storage space. The Commissioner of Insurance can issue these licenses to operators who meet certain requirements, including providing a physical address and a list of all facilities where they will conduct insurance business. These agents can offer insurance on a master, group, or individual policy basis, but only for personal property stored at the facility and only for loss or damage occurring there. Before selling insurance, the self-service storage agent must provide prospective renters with clear written information about the insurance, including its terms, cost, benefits, exclusions, and a disclosure that it might duplicate existing coverage from other policies like homeowner's or renter's insurance. They must also state that renters can satisfy any insurance requirement by purchasing this policy or showing proof of other coverage, and explain how to file a claim. The insurance must be provided by an authorized insurer, and all costs must be in writing, with proof of coverage given to those who purchase it. Employees or agents of the self-service storage agent can act under their supervision, and the agent is responsible for their actions. The bill also mandates training for employees and agents on the insurance provisions. Self-service storage agents are prohibited from selling insurance outside the context of renting storage space or from presenting themselves as licensed insurers. The bill clarifies that insurers can pay commissions to these agents, and agents can pay incentives to their employees, as long as these payments are not solely based on insurance sales. Simply displaying insurance brochures does not require an operator to be licensed, and these agents are exempt from continuing education requirements. The term "self-service storage agent" is defined as a licensed self-storage facility operator, and other terms like "occupant" and "self-storage facility" are defined by existing law.