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2022 Colorado Code
Title 10 - Insurance
Article 4 - Property and Casualty Insurance
Part 17 - Self-Storage Insurance Limited Licenses
§ 10-4-1701. Definitions
Universal Citation:
CO Rev Stat § 10-4-1701 (2022)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
As used in this part 17, unless the context otherwise requires:
- "Business entity" includes an individual working for or acting on behalf of the self-storage retailer.
- "Insurer" means an admitted company or authorized company, as defined in section 10-1-102 (3), approved to transact insurance in this state.
- "Occupant" means a person or his or her lessee, successor, or assignee entitled to the use of a self-storage space at a self-service storage facility, to the exclusion of others, under a self-storage rental agreement.
- "Offer and disseminate" means to provide general information about self-storage insurance, including a description of the coverage and price, as well as processing the application, collecting premiums, and performing other nonlicenseable activities permitted by the state.
- "Self-service storage facility" means real property designed and used for the sole purpose of renting or leasing individual storage space to occupants who are given access to a self-storage space for the sole purpose of storing and removing personal property.
- "Self-storage insurance" means insurance coverage for property loss incidental to the rental of a self-storage space at a self-service storage facility.
- "Self-storage rental agreement" means a written agreement setting forth the terms and conditions governing the use of a self-storage space provided by a self-service storage facility for rent or lease.
- "Self-storage retailer" means a business entity that rents self-storage units and may offer and disseminate self-storage insurance as a service to its customers on behalf of and under the direction of a supervising entity.
- "Self-storage space" means a designated storage unit or other designated space at a self-service storage facility.
- "Supervising entity" means a business entity or person that is a limited line producer, as that term is defined in section 10-2-103 (7.3), authorized by an insurer to supervise a self-storage retailer.
Source: L. 2017: Entire part added, (HB 17-1263), ch. 368, p. 1914, § 1, effective August 9.
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