Colorado § 10-4-1704 - Disclosures to occupant.

§ 10-4-1704. Disclosures to occupant.

(1) Before issuing a policy under this part 17, a self-storage retailer shall provide an occupant with a written self-storage insurance policy or self-storage insurance certificate that:

(a) Summarizes clearly and correctly the material terms of coverage offered to the occupant, including the identity and contact information of both the insurer and the supervising entity;

(b) States the benefits of coverage;

(c) States that the self-storage insurance being offered may provide a duplication of insurance coverage already provided by a homeowner's insurance policy or other source of coverage in effect for the occupant. The statement must include a space that allows the occupant to write the occupant's initials to signify the occupant's acknowledgment and understanding of the potential duplication referenced in this subsection (1)(c). The retailer shall specifically bring the potential duplication referenced in this subsection (1)(c) and the opportunity to write the occupant's initials to the occupant's attention by orally offering the occupant an opportunity to read the statement and write the occupant's initials in the space provided.

(d) States the deductible of the self-storage insurance coverage and describes the process for filing a claim;

(e) States whether the policy covers flood damage to stored property; and

(f) States that the self-storage retailer can answer general information about the self-storage insurance offered, including a description of the coverage and premium, but is neither qualified nor authorized to answer technical questions about the terms and conditions of the self-storage insurance offered and disseminated by the supervising entity or to evaluate the adequacy of the occupant's existing insurance coverage, if any.

(2) If the self-storage rental agreement requires the occupant to provide proof of insurance, this insurance coverage requirement may be satisfied if the occupant:

(a) Purchases this coverage from a self-storage retailer; or

(b) Provides evidence of this coverage from another source.

Source: L. 2017: Entire part added, (HB 17-1263), ch. 368, p. 1917, § 1, effective August 9.