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NY A05070
Bill
Status
7/23/2020
Primary Sponsor
William Barclay
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AI Summary
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Requires the Department of Financial Services to publish an annual notice in local newspapers serving communities bordering Lake Ontario about flood insurance.
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Notice must contain the department's contact information and explain how flood insurance relates to standard homeowners insurance policies in New York State.
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Notice may include the department's disaster hotline, web link to the disaster and flood resource center, and a statement explaining that flood coverage is not included in standard homeowners policies but is available through the National Flood Insurance Program (NFIP).
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Statement may cover topics including agents and brokers, claims processes, policy cancellation and non-renewal, additional living expenses coverage, and business interruption insurance.
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Takes effect immediately upon enactment.
Legislative Description
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.
Last Action
REFERRED TO RULES
7/23/2020