Bill Text: NY A07452 | 2013-2014 | General Assembly | Amended

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Bill Title: Relates to business interruption insurance.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Engrossed - Dead) 2014-05-30 - advanced to third reading cal.812 [A07452 Detail]

Download: New_York-2013-A07452-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7452--A
                                                               Cal. No. 439
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     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    S 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    S 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    S 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