Legislation Introduced in Georgia to Address Self-Storage Insurance Licensing
Copyright 2014 by Virgo Publishing.
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Posted on: 03/11/2011



 

Legislation has been introduced in Georgia to amend the official code relating to limited licenses. If passed, self-storage operators would be clear to obtain a specialty license to sell point-of-rent insurance to their tenants who do not otherwise have coverage. The bill is modeled after Senate Bill 7118 in New York, which was signed into law last August.

House Bill 463, sponsored by the national Self Storage Association, explores the limited license of operators to sale individual insurance coverage on personal property stored in self-storage units. HB 463 will provide definitions of point-of-rent insurance, and repeal conflicting laws. It would also require each owner licensed to provide insurance to provide a training program for employees. A limited licensee would enable the operator to act as an agent for an insurer in connection with a rental agreement for personal property insurance, and to be paid a commission by the insurance company.

The House Committee recommended approval of the bill on March 10.