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Senate Bill S2350

2015-2016 Legislative Session

Relates to business interruption insurance

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2015-S2350 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3426, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5580
2017-2018: S2811
2019-2020: S3499

2015-S2350 (ACTIVE) - Summary

Relates to business interruption insurance.

2015-S2350 (ACTIVE) - Sponsor Memo

2015-S2350 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2350

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            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:

  Section 1. The section heading of section 3426 of the  insurance  law,
as  amended  by  chapter  235 of the laws of 1989, is amended to read as
follows:
  Commercial lines insurance; cancellation and renewal provisions; BUSI-
NESS INTERRUPTION INSURANCE.
  S 2. Subsection (a) of section 3426 of the insurance law is amended by
adding a new paragraph 12 to read as follows:
  (12) "BUSINESS INTERRUPTION INSURANCE" SHALL HAVE THE SAME MEANING  AS
PARAGRAPH (4) OF SUBSECTION (D) OF SECTION 5401 OF THIS CHAPTER.
  S  3.  Section  3426  of  the insurance law is amended by adding a new
subsection (p) to read as follows:
  (P) NO INSURER WRITING A POLICY ISSUED OR DELIVERED IN THIS STATE THAT
PROVIDES FOR BUSINESS  INTERRUPTION  INSURANCE  SHALL  DENY  OR  EXCLUDE
COVERAGE  FOR  A  CLAIM  FOR  LOSS  OR  DAMAGE THAT IS CAUSED BY A PERIL
INSURED AGAINST BY THE POLICY SOLELY BECAUSE THE INSURED PERIL:
  (1) RESULTED FROM A PERIL NOT INSURED AGAINST  OR  EXPRESSLY  EXCLUDED
UNDER THE POLICY; OR
  (2) RESULTED FROM AN ACTION INTENDED TO MITIGATE LOSS FROM A PERIL NOT
INSURED AGAINST OR EXPRESSLY EXCLUDED UNDER THE POLICY; OR
  (3) OCCURRED WITHIN A REASONABLE AMOUNT OF TIME EITHER BEFORE OR AFTER
A PERIL NOT INSURED AGAINST OR EXPRESSLY EXCLUDED UNDER THE POLICY.
  S  4. This act shall take effect immediately and shall apply to claims
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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