MO HB1385

Vendors selling self storage insurance must obtain a self storage insurance license from the director of insurance, with initial fees not exceeding $150 and renewal fees not exceeding $100.

Vendors must provide customers with brochures disclosing that insurance may duplicate existing coverage, that enrollment is optional, material terms of coverage, claim filing processes, and cancellation rights with pro rata refunds.

Self storage insurance is designated as primary coverage over any other collateral coverage, and policies must be available at point of sale or within 60 days of enrollment.

Insurers must appoint a supervising business entity to oversee vendor compliance, maintain a registry of authorized locations, conduct employee training, and report violations to the insurance director.

Vendors are subject to existing insurance producer regulations and the director may suspend or revoke licenses for violations including false advertising, fraud, or violation of professional trust; violations constitute level two violations under state law.