Bill Text: NY S04792 | 2021-2022 | General Assembly | Introduced

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Bill Title: Requires owner of a multiple dwelling to procure and maintain fire insurance on such multiple dwelling in the amount of the full cost to replace such multiple dwellings; requires owners of multiple dwellings to use insurance proceeds to replace such multiple dwellings; deems void provisions in other documents which are contrary to such insurance requirement; provides that failure to comply with such provisions shall constitute a misdemeanor; gives tenants a right to resume occupancy upon restoration of such multiple dwelling.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S04792 Detail]

Download: New_York-2021-S04792-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4792

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 12, 2021
                                       ___________

        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community Development

        AN ACT to amend the multiple dwelling law, in relation to fire insurance
          policies on occupied multiple dwellings

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The multiple dwelling  law  is  amended  by  adding  a  new
     2  section 308-a to read as follows:
     3    §  308-a. Fire insurance contracts required; proceeds thereof. 1.  Any
     4  owner of a multiple dwelling must procure a  policy  of  fire  insurance
     5  thereon  and  continue  the  same  in full force and effect at all times
     6  during the occupancy of such multiple dwelling by one or more tenants at
     7  a value equivalent at all times to the full replacement value thereof.
     8    2. Notwithstanding the provisions of any other law,  the  proceeds  of
     9  any  fire  insurance  contract  on  a multiple dwelling shall be used to
    10  restore the damaged property to a habitable condition  at  least  equiv-
    11  alent to the condition of such multiple dwelling prior to the loss.
    12    3. If a multiple dwelling is to be occupied as such after a loss reim-
    13  bursable  pursuant to such fire insurance contract, any person who was a
    14  tenant thereof at the time of the  loss  and  shares  no  responsibility
    15  therefor  shall  have  the  opportunity to continue his or her occupancy
    16  after restoration for the duration of his or her lease  under  the  same
    17  terms and conditions as before said loss.
    18    4.  Any  provision  in  a sales contract, mortgage indenture, lease or
    19  other document contrary to the provisions of this section shall be  void
    20  as against public policy.
    21    5.  Any  failure  on  the  part  of an owner of a multiple dwelling to
    22  comply with the provisions of this section shall cause him or her to  be
    23  guilty of a misdemeanor.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09245-01-1
        S. 4792                             2

     1    § 2. This act shall take effect on the first of November next succeed-
     2  ing the date on which it shall have become a law and shall apply to fire
     3  insurance  contracts,  sales  contracts,  mortgage indentures, leases or
     4  other documents entered into on and after the  effective  date  of  this
     5  act.