|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 09, 2021||referred to insurance|
senate Bill S4711
Current Bill Status - In Senate Committee Insurance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4711 (ACTIVE) - Details
S4711 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4711 SPONSOR: GOUNARDES TITLE OF BILL: An act in relation to requiring certain perils be covered under business interruption insurance during the coronavirus disease 2019 (COVID-19) pandemic PURPOSE OR GENERAL IDEA OF BILL: This bill is intended to hold harmless businesses and nonprofits, who currently hold business interruption insurance, for losses sustained as a result of the current COVID-19 health emergency, but for which no such coverage is currently offered. SUMMARY OF PROVISIONS: Section 1 defines terms. Section 2 provides a mechanism by which certain businesses that suffer
S4711 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4711 2021-2022 Regular Sessions I N S E N A T E February 9, 2021 ___________ Introduced by Sens. GOUNARDES, ADDABBO, BIAGGI, GAUGHRAN, GIANARIS, HARCKHAM, HOYLMAN, JACKSON, KAPLAN, KENNEDY, MAY, MAYER, MYRIE, PARK- ER, PERSAUD, RAMOS, RIVERA, SALAZAR, SEPULVEDA, SKOUFIS, STAVISKY, THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT in relation to requiring certain perils be covered under business interruption insurance during the coronavirus disease 2019 (COVID-19) pandemic THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. For the purposes of this act: (a) "business" shall mean a business registered with the department of tax and finance or not-for-profit corporation registered with the Attor- ney General's charities bureau. (b) "income" shall mean traditional business income as well as not- for-profit revenue from donations, sponsorships, and grants. (c) "net written premiums received" shall mean gross direct premiums written, less return premiums thereon and dividends credited or paid to policyholders, as reported on the company's annual financial statement. (d) "premium taxes" shall mean payments required under subsection (d) of section 2118 of the insurance law. § 2. (a) Notwithstanding any provisions of law, rule or regulation to the contrary, every policy of insurance insuring against loss or damage to property, which includes, but is not limited to, the loss of use and occupancy and business interruption, shall be construed to include among the covered perils under that policy, coverage for business interruption during a period of a declared state emergency due to the coronavirus disease 2019 (COVID-19) pandemic. (b) Every policy of insurance insuring against loss or damage to prop- erty, which includes, but is not limited to, the loss of use and occu- pancy and business interruption, whose policy expires during a period of EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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