(A) Prior to issuing a policy under the provisions of this chapter, a licensee shall provide a written document that:
(1) summarizes clearly and correctly the material terms of coverage offered to an occupant, including the identity of the insurer;
(2) discloses that the coverage offered by the self-service storage facility may provide a duplication of coverage already provided by a homeowners' insurance policy or other source of coverage in effect for the occupant;
(3) describes the process for filing a claim if the occupant elects to purchase coverage and in the event of a claim; and
(4) states that the charges for coverage are itemized and ancillary to the rental agreement.
(B) If the rental agreement requires the occupant to provide insurance of the type described in Section 38-43-640(B), this requirement may be satisfied if the occupant:
(1) purchases this coverage from a licensee; or
(2) provides evidence of this coverage from another source.
HISTORY: 2014 Act No. 226 (S.1065), Section 1, eff June 2, 2014.