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
S00133 would amend the New York 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 requires any previously approved exclusions to end no later than 26 months after the bill’s effective date.
In practical terms, the measure would make lead-paint exposure a covered risk under liability policies for rental property owners, unless a specific exclusion is otherwise provided by law. The bill takes effect immediately, but the prohibition on exclusions is delayed for 26 months, giving insurers and policyholders a transition period before the new coverage rule fully applies.
Impact
The bill would change New York insurance law by creating a new section prohibiting lead-hazard exclusions in liability coverage for rental property owners. It would affect insurers licensed or permitted by the superintendent, the Department of Financial Services’ approval authority, and landlords or other owners of rental property who purchase liability coverage. By eliminating these exclusions, the bill could shift more financial responsibility for lead-paint-related claims onto insurers and potentially affect underwriting, premiums, and policy terms in the rental housing market.
Sentiment
Based on the bill’s sponsorship and lack of recorded committee debate or votes in the provided materials, the bill appears to have been introduced with clear support from a broad group of Senate sponsors and no documented opposition in the available record. The sponsor list suggests a coalition interested in tenant health, housing safety, and insurance coverage for lead-related harms. Because there are no transcripts or votes included, there is no direct evidence here of formal support or opposition beyond the bill’s introduction.
Contention
The main likely point of contention is the cost and risk allocation created by requiring insurers to cover lead-based paint losses without exclusion. Insurers may view the mandate as increasing exposure to claims and potentially affecting premiums or availability of coverage for rental property owners. Supporters are likely to argue that the bill protects tenants, children, and communities affected by lead poisoning by ensuring a source of compensation for damage and injury related to lead hazards. The 26-month phase-in suggests an attempt to balance those concerns by giving the insurance market time to adjust.
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.