{"data":{"id":"us-in/ic-27-1-16.1-14","jurisdiction":"us-in","citation":"IC 27-1-16.1-14","heading":"Charges for self-storage insurance; handling of funds; compensation","body":"Sec. 14. The following apply to charges for self-storage insurance:\n(1) The charges may be billed and collected by the self-storage facility.\n(2) If the insurance cost is not included in the cost associated with the self-storage rental agreement, the insurance cost must be separately itemized on the insured customer's bill.\n(3) If the insurance cost is included in the cost associated with the self-storage rental agreement, the self-storage facility shall clearly and conspicuously disclose to the insured customer that the self-storage insurance cost is included with the cost of the self-storage rental agreement.\n(4) A self-storage facility that bills and collects the charges shall maintain collected funds in a segregated account unless the:\n(A) insurer that issues the self-storage insurance policy authorizes the self-storage facility to hold the funds in an alternative manner; and\n(B) self-storage facility remits the funds to the supervising entity less than sixty (60) days after the self-storage facility receives the funds.\n(5) All funds received by the self-storage facility from an insured customer as payment for the purchase of coverage under a self-storage insurance policy are considered to be funds held in trust by the self-storage facility in a fiduciary capacity for the benefit of the insurer.\n(6) A self-storage facility may receive from an insurer or a supervising entity compensation for billing and collection services. Compensation described in this subdivision may be dependent on the sale of self-storage insurance.","path":["TITLE 27. INSURANCE","ARTICLE 1. DEPARTMENT OF INSURANCE","Chapter 16.1. Self-Storage Insurance"],"source_url":"https://iga.in.gov/ic/2026/Title_27.html#27-1-16.1-14","current_through":"2026","vintage":"2026","retrieved_at":"2026-09-25T05:39:04Z","sha256":"d78af87be9e13da26221c8b89ac1ae48b61f1c33e2801a25d4a1cbf1dbd6fb76","source_id":"us-in","stale":false,"prev":"us-in/ic-27-1-16.1-13","next":"us-in/ic-27-1-16.1-15"},"notice":"GroundRules: Original legal text. Not legal advice."}