Portable electronics insurance bill approved

Senators gave final approval May 5 to a bill that requires vendors of cell phones and other portable electronic devices to obtain a license to offer insurance on those products.

LB535, introduced by Hastings Sen. Dennis Utter, establishes a limited lines insurance license to sell portable electronics insurance or provide similar coverage. Portable electronics insurance is defined as insurance covering repair or replacement of portable electronics due to theft, misplacement, damage, mechanical faults or similar damage.

Vendors interested in selling portable electronics insurance must apply to the state Department of Insurance for a one-year license that allows an employee or authorized representative of the vendor to offer insurance policies at each location at which the vendor sells portable electronics.

The bill passed 48-0.

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