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S02811 Summary:

Amd 3426, Ins L
Relates to business interruption insurance.
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S02811 Actions:

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S02811 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 17, 2017
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance
        AN ACT to amend the insurance law, in relation to business  interruption
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The section heading of section 3426 of the  insurance  law,
     2  as  amended  by  chapter  235 of the laws of 1989, is amended to read as
     3  follows:
     4    Commercial lines insurance; cancellation and renewal provisions; busi-
     5  ness interruption insurance.
     6    § 2. Subsection (a) of section 3426 of the insurance law is amended by
     7  adding a new paragraph 12 to read as follows:
     8    (12) "Business interruption insurance" shall have the same meaning  as
     9  paragraph  four  of subsection (d) of section five thousand four hundred
    10  one of this chapter.
    11    § 3. Section 3426 of the insurance law is  amended  by  adding  a  new
    12  subsection (p) to read as follows:
    13    (p) No insurer writing a policy issued or delivered in this state that
    14  provides  for  business  interruption  insurance  shall  deny or exclude
    15  coverage for a claim for loss or  damage  that  is  caused  by  a  peril
    16  insured against by the policy solely because the insured peril:
    17    (1)  Resulted  from  a peril not insured against or expressly excluded
    18  under the policy; or
    19    (2) Resulted from an action intended to mitigate loss from a peril not
    20  insured against or expressly excluded under the policy; or
    21    (3) Occurred within a reasonable amount of time either before or after
    22  a peril not insured against or expressly excluded under the policy.
    23    § 4. This act shall take effect immediately and shall apply to  claims
    24  made on or after such effective date.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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