senate Bill S4711

2021-2022 Legislative Session

Requires certain perils be covered under business interruption insurance during the coronavirus disease 2019 (COVID-19) pandemic

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 09, 2021 referred to insurance

Co-Sponsors

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S4711 (ACTIVE) - Details

See Assembly Version of this Bill:
A1937
Current Committee:
Senate Insurance
Law Section:
Insurance
Versions Introduced in 2019-2020 Legislative Session:
S8211, A10226

S4711 (ACTIVE) - Summary

Requires certain perils be covered under business interruption insurance during the coronavirus disease 2019 (COVID-19) pandemic.

S4711 (ACTIVE) - Sponsor Memo

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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