As used in the Self-Service Storage Insurance License Act:
Terms Used In New Mexico Statutes 59A-62-2
- 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
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A. “occupant” means a person who is entitled to the use of storage space at a self- service storage facility, to the exclusion of others, under terms of a rental agreement, including a sublessee, successor or assignee;
B. “owner” means the owner, operator, franchisee, lessor or sublessor of a self- service storage facility, agent or any person authorized to manage the facility or to receive rent from an occupant under a rental agreement;
C. “personal property” means movable property not affixed to land, and includes goods, merchandise and household items;
D. “rental agreement” means any written agreement or lease between the owner and the occupant that establishes or modifies the terms, conditions or rules or any other provisions concerning the use and occupancy of storage space at a self-service storage facility;
E. “self-service storage facility” means any real property designed and used in the business of providing leased or rented storage space to occupants who have access to such facility for the purpose of storing and removing personal property;
F. “self-service storage insurance” means personal or commercial property insurance offered to an occupant in connection with and incidental to the rental of storage space at a self-service storage facility and that provides coverage for the loss of or damage to the occupant’s personal property that occurs at the self-service storage facility or when such property is in transit to or from the facility during the period of the rental agreement;
G. “self-service storage insurance producer” means a business entity licensed only to offer insurance in connection with, and incidental to, rental agreements on behalf of an insurer authorized to write self-service storage insurance; and
H. “supervising entity” means an insurer issuing self-service storage insurance or a licensed insurance producer licensed pursuant to Article 11 of the Insurance Code that is authorized by an insurer to supervise the administration of a self-service storage insurance program.