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Who cares
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Sponsors
3 Co-sponsors
History
- Vetoed memo.27
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.86
- Substituted for A4824
- Referred to insurance
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.287
Show 1 earlier action
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizing issuance of limited licenses to self-service storage companies for sale of insurance coverage on personal property stored in self-service storage spaces
Assembly Floor Calendar · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to authorizing the issuance of limited licenses to self-service storage companies for the sale of insurance coverage on personal property stored in self-service storage spaces
Purpose or general idea of bill
To permit self-service storage companies to obtain limited licenses to sell insurance coverage on personal property stored in a self-service storage space.
Summary of provisions
Section 1. Amends Insurance Law §2131 to permit the Superintendent of Insurance to issue limited licenses to self-service storage companies to act as agent for an authorized insurers in connection with the rental of self-service storage space with respect to personal effects insurance that provides coverage to renters of storage space at the same facility for the loss of or damage to, personal effects that occurs at the same facility during the rental period, and for any other coverage the Superintendent may approve as meaningful and appropriate in connection with the rental of storage space.
Read the full memo (613 words)
Section 2. Effective Date
Justification
Self-service storage companies require that renters of storage space have insurance coverage to protect their stored personal property as a condition of renting storage space. While some consumers have a homeowner's or renter's policy that will provide coverage for their stored property, many others lack the required insurance coverage. If self-service storage companies are permitted to obtain a limited license to offer personal effects insurance to renters of storage space, consumers will have the opportunity to obtain the required coverage to protect their valuable property.
Personal effects insurance would cover the loss of, or dame to a renters stored personal property for events beyond the self-service storage company's control. A number of other states currently permit the issuance of limited insurance licenses to self-service storage companies authorizing them to offer personal effects insurance in connection with the rental of storage space. Existing insurance law currently provides for the issuance of a limited license to rental vehicle companies and wireless communications equipment vendors. A limited license authorizes these entities to offer certain types of insurance only in connection with the rental of motor vehicles or the sale of wireless communications equipment.
This proposal would permit the Superintendent to issue a limited license to a self-service storage company that would permit it to offer personal effects insurance only in connection with the rental of storage space at a storage facility.
Just as rental vehicle companies and wireless communications equipment vendors are currently required to do when offering insurance, self-service storage companies would be required to provide brochures and other written materials to prospective renters that: summarize the insurance already provided by a renter's/homeowner's insurance policy or other source of coverage; state that the purchase of insurance is not required to rent storage space; describe the process for tiling a claim if insurance is purchased; contain the price, deductible, benefits, exclusions and conditions of the policy; and state that the customer may cancel the insurance at any time and any unearned premium will be refunded in accordance with applicable law.
Self-service storage companies also would be required to conduct training programs for their employees and sale representatives offering insurance pursuant to the limited license that must meet the minimum standards that currently apply to training programs required by rental vehicle companies and wireless communications equipment vendors that offer insurance pursuant to a limited license. These training programs also must be approved by the Superintendent.
Prior legislative history
2008 - S.6894 (Reported out of Insurance and Referred to Rules)/A.10097 (Passed Assembly)
Fiscal implications
None.
Effective date
This act shall take effect immediately after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.