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A07452 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7452--A
                                                                Cal. No. 439
 
                               2013-2014 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 17, 2013
                                       ___________
 
        Introduced  by  M. of A. MOYA -- read once and referred to the Committee
          on Insurance -- reported from committee, advanced to a third  reading,
          amended  and  ordered  reprinted,  retaining its place on the order of
          third reading
 

        AN ACT to amend the insurance law, in relation to business  interruption
          insurance
 
          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  all
    24  policies issued or renewed after such effective date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11123-02-3

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