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.