(a) “Commissioner” shall have the following meaning ascribed to it in 22 V.I.C., section 51;
(b) “Customer” means a person who purchases portable electronics or services;
(c) “Enrolled Customer” means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics;
(d) “Location” means any physical location in this Territory or any website, call center site, or similar location directed to residents of this Territory;
(e) “Portable Electronics” means electronic devices that are portable in nature and their accessories;
(f)
(1) “Portable Electronics Insurance” means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss, loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. Portable electronics Insurance also includes any agreement whereby a person or any legal entity, in exchange for consideration paid, agrees to provide for the future repair, replacement or provision of portable electronics.
(2) “Portable Electronics Insurance” does not include:
(A) a service contract or extended warranty providing coverage limited to the repair, replacement or maintenance of property for the operational or structural failure of property due to a defect in materials, workmanship, accidental damage from handling, power surges, or normal wear and tear;
(B) a policy of insurance covering a seller’s or a manufacture’s obligations under a warranty; or
(C) a homeowner’s renter’s, private passenger automobile, commercial multi-peril, or similar policy.
(g) “Portable Electronic Transactions’” means:
(1) the sale or lease of portable electronics by a vendor to a customer; or
(2) the sale of a service related to the use of portable electronics by a vendor to a customer.
(h) “Supervising Entity” means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program;
(i) “Vendor” means a person in the business of engaging in portable electronic transactions directly or indirectly.