- At every location where portable electronics insurance is sold, solicited or negotiated to customers, brochures or other written materials shall be made available to a prospective customer which:
- Disclose that portable electronics insurance may provide a duplication of coverage already 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 program is 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;
- Benefits of the coverage; and
- 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 return portable electronics and the maximum fee applicable in the event the customer fails to comply with any equipment return requirements; and
- State that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and the person paying the premium shall receive a refund of any applicable unearned premium.
- Portable electronics insurance may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a vendor of portable electronics for its enrolled customers.
- Eligibility and underwriting standards for customers electing to enroll in coverage shall be established for each portable electronics insurance program.
