As used in this article, unless the context requires a different meaning: “Covered customer” means a customer who elects coverage under a self storage insurance policy issued to a lessor of self storage units. “Customer” means a person who leases a self storage unit. “Lessor” means a person in the business of engaging in self […]
A. A lessor is required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under a policy of self storage insurance. B. On or before May 1, 2021, and biennially thereafter, each lessor licensed as a limited lines property and casualty insurance agent shall submit to the Commission […]
A. At every location where self storage insurance is offered to customers, the lessor shall make available to a prospective customer brochures or other written materials that: 1. Disclose that self storage insurance may provide a duplication of coverage already provided by a customer’s homeowners insurance policy, renter’s insurance policy, or other source of coverage; […]
A. The employees and authorized representatives of lessors may sell or offer self storage insurance to customers and shall not be subject to licensure as an insurance producer under this chapter provided that: 1. The lessor obtains a limited lines property and casualty insurance agent license; 2. The lessor selling the self storage insurance provides […]
If a lessor or its employee or authorized representative violates any provision of this article, the Commission may do any of the following: 1. After notice and hearing, impose fines and penalties in accordance with § 38.2-218; and 2. After notice and hearing, impose any such other penalties that the Commission deems necessary and reasonable […]
A. Except as otherwise provided in this article and except where the context otherwise requires, all of the provisions of this title apply to this article. B. Pursuant to the authority granted by § 38.2-223, the Commission may promulgate such rules and regulations as may be necessary or appropriate for the administration and enforcement of […]
