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.
Summary
A01067 would amend New York’s Insurance Law to bar insurers that provide liability coverage to rental property owners from excluding coverage for losses or damages caused by exposure to lead-based paint. The bill directs the Department of Financial Services to stop approving new lead-paint exclusions and to phase out previously approved exclusions within 26 months after the law takes effect. It applies to insurers licensed or permitted by the superintendent and is aimed specifically at liability policies tied to rental housing.
In practical terms, the bill would make lead-paint-related claims a covered risk under rental property liability insurance, unless another exclusion is specifically authorized by law. The measure is intended to shift more of the financial risk of lead exposure claims onto insurers and, indirectly, to ensure that rental property owners have access to coverage for these claims. The bill takes effect immediately, but the prohibition on exclusions is delayed for 26 months to allow time for insurers and the market to adjust.
Impact
The bill would add a new section 3463 to the Insurance Law and limit the Department of Financial Services’ ability to approve policy exclusions for lead-based paint injuries or damages. It would affect insurers writing liability coverage for rental property owners, landlords, and the insurance market for residential rental housing by requiring coverage for lead-paint exposure losses after the phase-in period. It would also eliminate existing approved exclusions on a timetable, changing the terms under which rental property liability policies may be issued in New York.
Sentiment
The bill appears to have generally favorable support in the Assembly, as reflected by repeated committee approvals and a strong final floor vote of 97-45. The committee votes show some opposition at each stage, but the measure advanced steadily from Insurance to Codes to Rules and then passed the Assembly. Overall, the voting pattern suggests broad support for addressing lead-paint coverage, with a meaningful minority expressing reservations.
Contention
The main point of contention is whether insurers should be required to cover lead-based paint exposure claims at all, since the bill would prohibit a common exclusion and force the market to absorb that risk. Opponents likely include members concerned about increased premiums, underwriting restrictions, or broader liability exposure for rental property insurers and owners. Supporters appear to view the measure as necessary to ensure meaningful coverage for lead hazards and to prevent insurers from avoiding a significant public-health-related risk.
Same As
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.
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.
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.
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.
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.
Provides that when a flood event not covered under a policy or specifically excluded is a contributing factor in or occurs simultaneously as a covered event or peril, the insurer shall not deny or exclude coverage for the loss or damage caused by the covered event or peril.
Provides that when a flood event not covered under a policy or specifically excluded is a contributing factor in or occurs simultaneously as a covered event or peril, the insurer shall not deny or exclude coverage for the loss or damage caused by the covered event or peril.
Relating to the minimum motor vehicle liability insurance coverage requirement for bodily injury or death or for damage to or destruction of property of others.