                                 CODE OF VIRGINIA

LICENSURE OF LESSORS (§ 38.2-1882)

A. A lessor is required to hold a limited lines property and casualty insurance
agent license to sell or offer coverage under a policy of self storage
insurance.

B. On or before May 1, 2021, and biennially thereafter, each lessor licensed as
a limited lines property and casualty insurance agent shall submit to the
Commission a renewal application, along with a nonrefundable renewal application
processing fee prescribed by the Commission, for the renewal of the license. Any
limited lines property and casualty insurance agent license for which the
renewal application and nonrefundable renewal application processing fee have
been received by the Commission and all other applicable licensing and renewal
provisions in this chapter have been met shall, unless the license has been
terminated, suspended, or revoked, be renewed for a two-year period. Any limited
lines property and casualty insurance agent license for which the renewal
application and nonrefundable renewal application processing fee have not been
received by the Commission shall automatically be terminated.

C. A license issued under this article shall authorize any employee or
authorized representative of a licensed lessor to sell or offer self storage
insurance coverage under a policy of self storage insurance to a customer at
each location at which the lessor engages in self storage unit transactions.

D. The acts of a licensed lessor&#8217;s employee or authorized representative
offering to sell coverage under a policy of self storage insurance shall be
deemed to be the acts of the lessor and the insurer for purposes of this
article.

E. Every licensed lessor shall maintain a list of all locations in the
Commonwealth where the lessor offers coverage under a policy of self storage
insurance and shall make the list available to the Commissioner for inspection
upon request.

F. Notwithstanding any other provision of law, a license issued pursuant to this
article shall authorize the licensed lessor&#8217;s employees and authorized
representatives to engage only in those activities that are expressly permitted
in this article.

HISTORY: 2013, c. 203; 2019, c. 675.