Wednesday, March 9, 2016

Legislative Changes Taking Place in Missouri for Self Storage Operators

The national Self Storage Association and the Missouri Self Storage Association have joined forces to bring forth changes to the Missouri statutes pertaining to self storage. House Bill 2167, sponsored by Justin Alferman, and Senate Bill 862, sponsored by Paul Wieland, would create a regulatory system for self-service storage facilities to offer and disseminate self storage insurance. 

If the bill passes, self storage operators would be required to have specific training and licensing. Further, the operator of the facility would need to keep an updated register of individuals offering insurance to the Department of Insurance, Financial Institutions, and Professional Registration upon request. These individuals would need to be able to prove that they have the proper training and certifications. 

The bill outlines several minimum standards that any issuer of self-storage insurance would need to meet. This will include providing brochures and printed handouts. There are also certain practices that facility employees will not be allowed to engage in and they will be expected to know this information. Per the proposed bill, the highest amount of coverage that will be issued is $5,000. 

Senate Bill 862 is currently in the Senate Small Business, Insurance, and Industry Committee. It is scheduled for a vote on March 8, 2016. House Bill 2167 has completed its public hearing, but has not yet been assigned to a committee. 

About the Author - Cheli Rosa - Managing Partner, Auctioneer, Company Administrator, Social Media Manager, Mom, Kite Flyer, Pinterest Addict and Amateur Scrapbooker.

No comments:

Post a Comment