SB328 Summary

• Clarifies that self-service storage facilities are not engaged in insurance business when providing coverages for personal property incidental to storage space rentals.

• Amends Section 27-7-1 to include self-service storage facility insurance within the definition of limited lines insurance.

• Creates a new limited license for self-service storage facility owners to sell insurance related to storage rentals without requiring the standard 40-hour pre-qualification course, written examination, or continuing education.

• Authorizes limited licensees to offer insurance coverage for loss or damage to personal property stored at the facility and other losses directly related to rental agreements, either individually or through group/master policies.

• Requires limited licensees to provide prospective purchasers with written disclosures including coverage terms, duplication warnings, claim procedures, pricing details, and statements that purchase is not required to rent space.