(1) At every location where portable electronics insurance is offered to customers, the vendor shall make brochures or other written materials available to a prospective customer that:
Disclose that portable electronics insurance may provide a duplication of coveragealready provided by a customer's homeowner's insurance policy, renter's insurance policy, or other source of coverage;
State that the enrollment by the customer in a portable electronics insurance programis not required in order to purchase or lease portable electronics or services;
Summarize the material terms of the insurance coverage, including:
The identity of the insurer;
The identity of the supervising entity;
The amount of any applicable deductible and how it is to be paid;(IV) Benefits of the coverage; and
(V) 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;
Summarize the process for filing a claim, including a description of how to returnportable electronics and the maximum fee applicable if the customer fails to comply with any equipment return requirements; and
State that an enrolled customer may cancel enrollment for coverage under a portableelectronics insurance policy at any time, and that the person paying the premium will receive a refund of any applicable unearned premium.
An insurer may offer portable electronics insurance on a month-to-month or otherperiodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics for its enrolled customers.
A policy of insurance provides primary coverage in the event of a covered loss undermore than one policy.
Each insurer shall establish eligibility and underwriting standards for customers electing to enroll in coverage for each portable electronics insurance program.
Source: L. 2012: Entire part added, (HB 12-1071), ch. 25, p. 69, § 1, effective January 1, 2013.