A. A self-service storage insurance producer shall not sell, solicit or offer self-service storage insurance to occupants at any location unless the licensee makes available a brochure or other written or electronic material that:(1) discloses that self-service storage insurance may provide a duplication of coverage already provided by an occupant's homeowner's insurance policy, renter's insurance policy, vehicle insurance policy, watercraft insurance policy or other property insurance coverage;(2) states that the purchase by the occupant of the self-service storage insurance offered by the owner is not required in order to lease storage space at the self-service storage facility;(3) provides the actual terms of the self-service storage insurance coverage or summarizes the material terms of the self-service storage insurance coverage, including:(a) the identity of the insurer;(b) the price of coverage and how payment shall be made;(c) the identity of the supervising entity;(d) deductibles, exclusions and conditions;(e) benefits of the coverage; and(f) key terms and conditions of coverage;(4) summarizes the process for filing a claim; and(5) states that an occupant that purchases ibles, exclusions and conditions;(e) benefits of the coverage; and(f) key terms and conditions of coverage;(4) summarizes the process for filing a claim; and(5) states that an occupant that purchases self-service storage insurance may cancel the insurance at any time by notifying the insurer or the supervising entity in writing and shall receive a refund of any unearned premium within twenty days of cancellation.B. The written or electronic material required pursuant to this section shall be submitted to the superintendent for approval upon request.History: Laws 2019, ch. 219, § 5. ANNOTATIONSEffective dates. — Laws 2019, ch. 219, § 14 made Laws 2019, ch. 219 effective July 1, 2019.
New Mexico Legal Code