New York State Assembly

Bill No.:  

 
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S02350 Summary:

BILL NO	S02350
SAME AS	No Same As
SPONSOR	SEWARD
COSPNSR
MLTSPNSR
Amd S3426, Ins L
Relates to business interruption insurance.

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S02350 Actions:

BILL NO	S02350
01/22/2015	REFERRED TO INSURANCE
01/06/2016	REFERRED TO INSURANCE

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S02350 Committee Votes:

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S02350 Floor Votes:

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S02350 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2350
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                    January 22, 2015
                                       ___________
 
        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
          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 (4) of subsection (d) of section 5401 of this chapter.
    10    §  3.  Section  3426  of  the insurance law is amended by adding a new
    11  subsection (p) to read as follows:
    12    (p) No insurer writing a policy issued or delivered in this state that
    13  provides for business  interruption  insurance  shall  deny  or  exclude
    14  coverage  for  a  claim  for  loss  or  damage that is caused by a peril
    15  insured against by the policy solely because the insured peril:
    16    (1) Resulted from a peril not insured against  or  expressly  excluded
    17  under the policy; or
    18    (2) Resulted from an action intended to mitigate loss from a peril not
    19  insured against or expressly excluded under the policy; or
    20    (3) Occurred within a reasonable amount of time either before or after
    21  a peril not insured against or expressly excluded under the policy.
    22    §  4. This act shall take effect immediately and shall apply to claims
    23  made on or after such effective date.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06734-02-5

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