Bill Text: NY S06410 | 2017-2018 | General Assembly | Introduced

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Bill Title: Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-01-03 - REFERRED TO INSURANCE [S06410 Detail]

Download: New_York-2017-S06410-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6410
                               2017-2018 Regular Sessions
                    IN SENATE
                                      May 17, 2017
                                       ___________
        Introduced  by  Sen. RITCHIE -- 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 flood insurance notice
          in communities bordering Lake Ontario
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  3444 of the insurance law is amended by adding a
     2  new subdivision 3 to read as follows:
     3    3. The department of financial services shall publish an annual notice
     4  that contains the department's contact information and a statement about
     5  flood insurance and how it  relates  to  standard  homeowners  insurance
     6  policies  in  New York state in local newspapers that serve the communi-
     7  ties bordering Lake Ontario. Such notice may include:  (a)  the  depart-
     8  ment's  disaster  hotline  and other relevant contact information; (b) a
     9  web link to the department's disaster and flood resource center on their
    10  website; and (c) the following  statement  or  a  substantially  similar
    11  statement:  "While  floods  are  the most common natural disaster in the
    12  United States, insurance coverage for losses from floods is not provided
    13  in standard homeowners or tenants policies. Insurance for flood  damages
    14  is  generally  available  under  a  separate  policy  issued through the
    15  National Flood Insurance Program (NFIP)  and  available  to  homeowners,
    16  renters  and  businesses. DFS can answer questions about agents, brokers
    17  and adjustors, the claims process (including hurricane and wind  deduct-
    18  ibles),  policy  cancellation,  and  non-renewal, and coverage for addi-
    19  tional living expenses  (which  you  may  be  entitled  to  if  you  are
    20  displaced  after  a  disaster).  If your business has been affected by a
    21  disaster, we can also answer questions about coverage,  business  inter-
    22  ruption insurance and off-premises service interruption coverage."
    23    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11401-01-7