A licensee shall not be required to treat moneys collected from renters purchasing insurance pursuant to this article as funds received in a fiduciary capacity if the insurer represented by the licensee has provided in writing that the funds need not be segregated from funds received by the self-service storage agent if the charges for insurance coverage are itemized and incorporated as part of the rental agreement.

(Added by Stats. 2004, Ch. 428, Sec. 3. Effective January 1, 2005.)

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Terms Used In California Insurance Code 1758.77

  • Fiduciary: A trustee, executor, or administrator.
  • licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
  • Rental agreement: means any written agreement for the terms and conditions governing the use of a storage space provided by a self-service storage company. See California Insurance Code 1758.791
  • Self-service storage agent: means a person or organization licensed pursuant to this article to offer insurance in connection with, and incidental to, rental agreements on behalf of an insurer authorized to write the types of insurance specified in Section 1758. See California Insurance Code 1758.791
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