HP0223
LD 329
Session - 127th Maine Legislature
 
LR 688
Item 1
Bill Tracking, Additional Documents Chamber Status

An Act To Allow Equipment Rental Companies To Sell Equipment Insurance

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 24-A MRSA §3062  is enacted to read:

§ 3062 Coverage for rental equipment permitted

1 Definitions.   As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A "Covered rental agreement" means a written agreement with a term of 30 continuous days or fewer setting forth the terms and conditions governing the use of covered rental equipment provided by a rental company.
B "Covered rental equipment" means equipment rented pursuant to a covered rental agreement for personal or household purposes.
C "Rental company" means a person or organization, including a franchisee, in the business of renting equipment to the public.
2 Coverage for rental equipment permitted.   Notwithstanding any other provision of this Title, a rental company may offer for sale an insurance policy insuring against the loss of or damage to covered rental equipment under a covered rental agreement.

SUMMARY

This bill allows a rental company to offer for sale an insurance policy insuring against the loss of or damage to equipment rented for personal or household purposes.


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