New York to License Self-Storers, Open Up Car Rental Coverage

August 18, 2010

Self-storage company operators in New York will be allowed to obtain insurance licenses to sell contents coverage to their clients, under a law signed by Gov. David Paterson.

The law allows the state’s Department of Insurance to grant limited licenses to self-storage firms that would allow them to write on an authorized basis for insurers in the state.

The coverage — for damage to the facility as well as personal property — would be provided at points of sale to those renting a space.

Along with rental car firms and wireless equipment dealers, self-storage operators are now a third class of retail establishment to gain the ability to obtain limited insurance licenses in the New York.

It was not the only insurance-related bill signed by Paterson.

Another bill signed this week bars auto insurers from requiring consumers to use a specific vehicle rental company when obtaining substitute transportation coverage on their policies.

Insurance companies must also inform consumers of their right to choose a vehicle rental company, according to the new law.

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