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NY A01687
Bill
Status
4/26/2023
Primary Sponsor
Jonathan Rivera
Click for details
AI Summary
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Prohibits insurers licensed by the superintendent from excluding coverage for losses or damages caused by exposure to lead-based paint in liability policies for rental property owners.
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Requires all previously approved exclusions for lead-based paint exposure to terminate within 26 months of the effective date.
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Prevents the Department of Insurance from permitting, authorizing, or approving any new exclusions for lead-based paint injuries or damages beyond those already in effect at the time of enactment.
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Applies a 26-month implementation period before the prohibition takes full effect, allowing insurers time to modify existing policies.
Legislative Description
Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint; provides that no insurer licensed or permitted by the superintendent to provide liability coverage to rental property owners shall exclude coverage for losses or damages caused by exposure to lead-based paint.
Last Action
REFERRED TO INSURANCE
5/7/2024