CHAPTER 402-K SALE OF PORTABLE ELECTRONICS INSURANCE
Section 402-K:1
402-K:1 Definitions. –
In this chapter:
I. "Commissioner" means the insurance commissioner.
II. "Customer" means a person who purchases portable electronics or services.
III. "Enrolled customer" means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics.
IV. "Location" means any physical location in the state of New Hampshire or any Internet website, call center site, or similar location directed to residents of the state of New Hampshire.
V. "Portable electronics" means electronic devices that are portable in nature, their accessories and services related to the use of the device.
VI. "Portable electronics insurance" means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any one or more of the following causes of loss: loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. "Portable electronics insurance" does not include:
(a) A service contract governed by RSA 415-C;
(b) A service contract or extended warranty providing coverage limited to the repair, replacement, or maintenance of property for the operational or structural failure of property due to a defect in materials, workmanship, accidental damage from handling, power surges, or normal wear and tear;
(c) A policy of insurance covering a seller's or a manufacturer's obligations under a warranty; or
(d) A homeowner's, renter's, motor vehicle, commercial multi-peril, or similar policy.
VII. "Portable electronics transaction" means:
(a) The sale or lease of portable electronics by a vendor to a customer; or
(b) The sale of a service related to the use of portable electronics by a vendor to a customer.
VIII. "Supervising entity" means a business entity that is a licensed insurer or insurance producer that is appointed or authorized by an insurer to supervise the administration of a portable electronics insurance program.
IX. "Vendor" means a person in the business of engaging in portable electronics transactions directly or indirectly.