Montana Code 33-24-204. Requirements for sale of portable electronics insurance
33-24-204. Requirements for sale of portable electronics insurance. (1) At each location where portable electronics insurance is offered to customers, brochures or other written materials must be made available to a prospective customer that:
Terms Used In Montana Code 33-24-204
- Customer: means a person who purchases portable electronics or services related to the use of portable electronics. See Montana Code 33-24-202
- Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Montana Code 33-24-202
- 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 this state or any website, call center site, or similar location directed to residents of this state. See Montana Code 33-24-202
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Portable electronics: means electronic devices that are portable in nature and their accessories. See Montana Code 33-24-202
- Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that may provide coverage for portable electronics against loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Montana Code 33-24-202
- Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
- Supervising entity: means a business entity that is a licensed insurer or insurance producer that is authorized by a licensed insurer to supervise the administration of a portable electronics insurance program. See Montana Code 33-24-202
- Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Montana Code 33-24-202
(a)disclose that portable electronics 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;
(b)state that the enrollment by the customer in a portable electronics insurance program is not required in order to purchase or lease portable electronics or services;
(c)summarize the material terms of the insurance coverage, including:
(i)the identity of the insurer;
(ii)the identity of the supervising entity;
(iii)the amount of any applicable deductible and how it is to be paid;
(iv)benefits of the coverage; and
(v)key terms and conditions of coverage such as whether portable electronics may be repaired or replaced with similar make and model reconditioned or nonoriginal manufacturer parts or equipment;
(d)summarize the process for filing a claim, including a description of how to return portable electronics and the maximum fee applicable in the event that the customer fails to comply with any equipment return requirements; and
(e)state that an enrolled customer may cancel enrollment for coverage under a portable electronics insurance policy at any time and that the person paying the premium shall receive a refund of any applicable unearned premium.
(2)The written materials required by this section are not subject to filing with or approval by the commissioner.
(3)Portable electronics insurance may be offered on a month-to-month or other periodic basis as a group or master commercial inland marine policy, subject to 33-1-221 through 33-1-229, issued to a vendor of portable electronics for its enrolled customers.
(4)Eligibility and underwriting standards for customers electing to enroll in coverage must be established by the supervising entity for each portable electronics insurance program.