NY S07288

Exempts policies of commercial risk insurance from the supplementary uninsured/underinsured motorists (SUM) coverage requirements established in chapter 490 of the laws of 2017.

Changes the waiver requirement language from "any" insured to "a first named insured" to clarify that only the first named insured can decline or select lower SUM coverage amounts.

Modifies the notification form requirements to advise (rather than mandate specific bold 12-point formatting) that supplementary uninsured/underinsured motorists coverage provides protection when the at-fault driver has insufficient or no bodily injury liability insurance.

Specifies that a waiver or selection of lower coverage by the first named insured applies to all subsequent renewals and policy changes unless modified in writing by a named insured.