Portable Electronics: Electronic devices that are portable in nature, their accessories and services related to the use of the device.
Portable Electronics Insurance: Insurance covering the repair or replacement of portable electronics. Such insurance may provide coverage for portable electronics against loss, theft and inoperability due to mechanical failure, malfunction, damage and other similar loss.
The term does not include the following:
- A service contract or extended warranty that provides coverage for repair, replacement, or maintenance only to address operational or structural failure caused by:
- a defect in materials or workmanship;
- accidental damage from power surge; or
- normal wear and tear.
- A policy of insurance that covers a seller’s or manufacturer’s obligations under a warranty.
- Any of the following:
- A homeowner’s insurance policy
- A renter’s insurance policy
- A private passenger automobile insurance policy
- A commercial multi-peril insurance policy
- An insurance policy that provides coverage similar to the insurance provided by a policy described in clauses a) through d).
Supervising Entity: A supervising entity means a business entity that is either an insurer or insurance producer that is licensed and issues – or is appointed by the insurer that issues – a portable electronics insurance policy that is sold, solicited, or negotiated by a vendor to supervise the activities of the vendor related to the portable electronics insurance policy.
Vendor: A business entity engaging in the business of portable electronics transactions directly or indirectly.
Designated Responsible Person (DRP): The DRP is a person designated by the entity to be responsible for the compliance of the entity with the laws and rules of Idaho.
For a full list of insurance licensing terms please click here.