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NY S09421
Bill
Status
5/15/2024
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Adds new Section 3416 to New York Insurance Law prohibiting anti-concurrent causation clauses for water backup or discharge coverage.
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Requires insurance policies covering water or water-borne material backup through sewers/drains or discharge from sumps to cover losses even if an excluded peril contributed concurrently or sequentially to the damage.
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Applies to policies covering residential real property with no more than four dwelling units (excluding hotels/motels) and personal property where natural persons have an insurable interest (excluding business property).
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Takes effect 90 days after becoming law and applies to all policies issued or renewed on or after the effective date.
Legislative Description
Requires insurance policies which cover certain water or water-borne material damage also cover certain damage caused directly or indirectly by an excluded peril contributing concurrently or in any sequence.
Last Action
SUBSTITUTED BY A10343
6/5/2024