NY S08147

Defines "catastrophic business disruption insurance" as coverage against financial loss when an individual integral to a corporate entity or partnership becomes disabled due to sickness, ailment, or bodily injury.

Permits catastrophic business disruption insurance to be obtained as excess coverage over a primary business-related disability policy or independently when primary coverage cannot be obtained from an authorized insurer.

Allows coverage to include reimbursement for overhead costs, expenses, and capital outlays during disability periods, as well as buy/sell arrangements to purchase the disabled individual's ownership interest.

Classifies catastrophic business disruption insurance as a non-basic kind of insurance, making it available through excess line brokers licensed to procure policies from non-authorized insurers.

Establishes capital requirements of $100,000 (or $50,000 for certain entities) for insurers offering catastrophic business disruption insurance coverage.