Virginia Code 38.2-1882: Licensure of lessors
A. A lessor is required to hold a limited lines property and casualty insurance agent license to sell or offer coverage under a policy of self storage insurance.
Terms Used In Virginia Code 38.2-1882
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Customer: means a person who leases a self storage unit. See Virginia Code 38.2-1881
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Lessor: means a person in the business of engaging in self storage unit transactions directly or indirectly. See Virginia Code 38.2-1881
- Self storage insurance: means insurance providing coverage against loss of or damage to items of personal property stored in a self storage unit in accordance with the terms of the self storage unit rental agreement. See Virginia Code 38.2-1881
- Self storage unit: means a unit in a building, part of a building, or place used only for storage of personal property by the customer leasing the unit. See Virginia Code 38.2-1881
B. On or before May 1, 2021, and biennially thereafter, each lessor licensed as a limited lines property and casualty insurance agent shall submit to the Commission a renewal application, along with a nonrefundable renewal application processing fee prescribed by the Commission, for the renewal of the license. Any limited lines property and casualty insurance agent license for which the renewal application and nonrefundable renewal application processing fee have been received by the Commission and all other applicable licensing and renewal provisions in this chapter have been met shall, unless the license has been terminated, suspended, or revoked, be renewed for a two-year period. Any limited lines property and casualty insurance agent license for which the renewal application and nonrefundable renewal application processing fee have not been received by the Commission shall automatically be terminated.
C. A license issued under this article shall authorize any employee or authorized representative of a licensed lessor to sell or offer self storage insurance coverage under a policy of self storage insurance to a customer at each location at which the lessor engages in self storage unit transactions.
D. The acts of a licensed lessor’s employee or authorized representative offering to sell coverage under a policy of self storage insurance shall be deemed to be the acts of the lessor and the insurer for purposes of this article.
E. Every licensed lessor shall maintain a list of all locations in the Commonwealth where the lessor offers coverage under a policy of self storage insurance and shall make the list available to the Commissioner for inspection upon request.
F. Notwithstanding any other provision of law, a license issued pursuant to this article shall authorize the licensed lessor’s employees and authorized representatives to engage only in those activities that are expressly permitted in this article.