Limited Lines Self-Storage Insurance
Under IC 27-1-16.1-5, self-storage insurance is insurance that provides insurance coverage for the loss of, or damage to, tangible personal property that is contained in storage space or in transit during a self-storage rental agreement period. Self-storage insurance does not include a homeowner's insurance policy, a renter's insurance policy, or a private passenger motor vehicle insurance policy. A self-storage facility shall not sell, solicit, or negotiate self-storage insurance unless the self-storage facility holds a limited lines Self-Storage Insurance producer license. License applications may be completed online at either www.Sircon.com or www.NIPR.com.
A self-storage facility shall not sell, solicit, or negotiate self-storage insurance unless the self-storage facility holds a limited lines Self-Storage Insurance producer license. The Self-Storage license authorizes each of the following to sell, solicit, or negotiate self-storage insurance to a customer at each of a self-storage facility's locations in Indiana:
- The self-storage facility; and
- Each of the self-storage facility's employees or authorized representatives, if the issurer that issues the self-storage insurance directly supervises or appoints a supervising entity to supervise:
- the administration of the self-storage insurance sold by the self-storage facility; and
- a training program for the employees and authorized representatives.
An employee or authorized representative of a self-storage facility shall not sell, solicit, or negotiate self-storage insurance except in connection with and incidental to the rental of storage space by the self-storage facility; or advertise or represent that the self-storage facility is an insurance producer other than a limited lines Self-Storage producer.
Under IC 27-1-16.1, training must be provided to any employee or authorized representative before they engage in the sale, solicitation, or negotiation of self-storage insurance. Initial training may be provided in electronic form or another form. Continuing training of an employee or authorized representative must be provided on a periodic basis and may be provided in electronic form or another form.
The training must be developed and overseen by employees of the supervising entity who are licensed as Property & Casualty insurance producers. The training must provide basic instruction concerning the self-storage insurance offered to customers of the self-storage facility, and disclosures required by IC 27-1-16.1-10.
Application for Limited Lines Self-Storage Insurance License
A business entity shall apply for a limited lines Self-Storage license by completing the electronic Business Entity/Firm application found at either www.Sircon.com or www.NIPR.com. The fee for a Resident business entity license is $40.00 plus online processing fee, and the fee for a Nonresident business entity license is $90.00 plus online processing fee.
As part of the application, the business entity must designate at least one Designated Responsible Licensed Producer/Agent (DRLP) with the Property & Casualty line of authority, or it may designate at least one "Supervising Entity" (insurer or licensed producer/agency) defined in IC 27-1-16.1-7.