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.
Was this article valuable?
Here are more articles you may enjoy.
Allstate Q3 Net Income Drops About 45% on Higher Catastrophe Losses 
LA Port Strike Risk Pushed to Friday as Labor Talks Continue 
When the Meter Says Wet but the Ceiling Is Dry: A Guide for Adjusters and Inspectors 
Yellow Furball Mascot Liberty Biberty Sparks ‘Beautiful’ Protest. Seriously? 
