Kan. Admin. Regs. § 38-9-1 - Conditions concerning safety deposit box rental
An association may maintain safety deposit boxes and rent the same for public use subject to limitations set forth in K.S.A. 1978 Supp. 17-5501(x), and the following prohibitions, limitations, and conditions:
(a) An association shall, by
contract, limit its liability to the lessee or lessees of such safety deposit
box or boxes to the replacement or loss value of the contents of each box to an
amount not more than one thousand dollars ($1,000), or carry insurance of a
type protecting the association against any and all legal liabilities arising
out of the rental of the safety deposit boxes as set forth in said paragraph
(2).
(b) Such insurance shall
provide coverage equal to twenty-five thousand dollars ($25,000) for any number
of boxes up to one hundred (100), plus one thousand dollars ($1,000) for each
additional twenty (20) boxes or fraction thereof, available for rent up to a
maximum coverage of one hundred thousand dollars ($100,000).
(c) An association shall not contractually
incur liabilities beyond the general liabilities incident to the conduct of
such safety deposit business.
Notes
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