Maine Revised Statutes Title 24-A Sec. 7003 – Requirements for sale of portable electronic device insurance
Current as of: 2023 | Check for updates
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1. Brochures. At every location where portable electronic device insurance is offered to customers, brochures or other written materials must be made available to a prospective customer that:
A. Disclose that portable electronic device insurance may provide a duplication of coverage already provided by a customer’s homeowner’s insurance policy, renter’s insurance policy or other source of coverage; [PL 2011, c. 297, §5 (NEW).]
B. State that the enrollment by the customer in a portable electronic device insurance policy is not required in order to purchase or lease a portable electronic device or service; [PL 2011, c. 297, §5 (NEW).]
C. Summarize the material terms of the insurance coverage, including:
(1) The identity of the insurer;
(2) The identity of the supervising entity;
(3) The amount of any applicable deductible and how it is to be paid;
(4) Benefits of the coverage; and
(5) Key terms and conditions of coverage such as whether the portable electronic device may be replaced with a similar make and model or repaired using reconditioned or nonoriginal manufacturer parts or equipment; [PL 2011, c. 297, §5 (NEW).]
D. Summarize the process for filing a claim, including a description of any requirements to return the portable electronic device and the maximum fee applicable if the customer fails to comply with any equipment return requirements; and [PL 2011, c. 297, §5 (NEW).]
E. State that the customer may cancel enrollment for coverage under a portable electronic device insurance policy at any time and the person paying the premium must receive a refund of any applicable unearned premium. [PL 2011, c. 297, §5 (NEW).]
[PL 2011, c. 297, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 7003
- Customer: means a person who purchases a portable electronic device or service. See Maine Revised Statutes Title 24-A Sec. 7001
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Location: means any physical location in the State or any publicly accessible website, call center or similar operation directed to residents of the State. See Maine Revised Statutes Title 24-A Sec. 7001
- Portable electronic device: means an electronic device that is portable in nature, its accessories and services related to the use of the device. See Maine Revised Statutes Title 24-A Sec. 7001
- Portable electronic device insurance: means insurance authorized under section 705 providing coverage for the repair or replacement of a portable electronic device that may cover a portable electronic device against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage or other similar causes of loss. See Maine Revised Statutes Title 24-A Sec. 7001
- Supervising entity: means a business entity that is a licensed insurance producer or insurer. See Maine Revised Statutes Title 24-A Sec. 7001
- Vendor: means a person in the business of engaging in portable electronic device transactions directly or indirectly. See Maine Revised Statutes Title 24-A Sec. 7001
2. Periodic basis of coverage. Portable electronic device insurance may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy issued to a vendor under which individual customers may elect to enroll for coverage.
[PL 2011, c. 297, §5 (NEW).]
3. Eligibility and underwriting standards. Eligibility and underwriting standards for customers electing to enroll in coverage must be established by an insurer for each portable electronic device insurance program.
[PL 2011, c. 297, §5 (NEW).]
SECTION HISTORY
PL 2011, c. 297, §5 (NEW).