Increases the number of properties eligible for the coastal market assistance program to include properties located within one mile off the shore of the Hudson River.
Summary
This bill amends the Insurance Law provisions governing the coastal market assistance program, which is administered by the association with approval from the superintendent. It expands the definition of “shore” for eligibility purposes by adding the Hudson River to the list of qualifying bodies of water. As a result, properties located within one mile of the Hudson River’s mean high water mark would be eligible for the program, alongside properties near salt-water ocean, sound, bay, inlet, Lake Erie, Lake Ontario, the Saint Lawrence River, and the Niagara River.
The bill is structured as a conforming amendment to a 2024 law that already expanded eligibility for the coastal market assistance program. It takes effect on the same date and in the same manner as that earlier chapter law, indicating that it is intended to work in tandem with the prior expansion rather than operate independently. The practical effect is to broaden access to coastal insurance market assistance for additional riverfront properties, potentially improving insurance availability in areas exposed to waterfront risk.
Impact
The bill would amend Insurance Law section 5414(c) to include the Hudson River in the statutory definition of “shore” for the coastal market assistance program. This expands the pool of eligible properties to those within one mile of the Hudson River, subject to any eligibility standards adopted by the association and approved by the superintendent. The change affects property owners, insurers, and the association administering the program by extending program access to additional river-adjacent properties in New York.
Sentiment
Based on the bill text and available context, the measure appears to be a targeted, technical expansion of an existing insurance assistance program rather than a controversial policy shift. There are no recorded committee transcripts or votes in the provided materials, so there is no documented opposition or debate to gauge. The overall tone of the bill is pragmatic and supportive of broader insurance market access for waterfront property owners.
Contention
No specific points of contention are documented in the provided materials. The main policy issue implied by the bill is whether expanding eligibility to Hudson River properties appropriately fits the purpose of a coastal market assistance program, since the program was originally framed around coastal and other shoreline areas. Any concern would likely center on the scope of eligibility, potential program costs, and whether riverfront properties should be treated the same as ocean- or lake-adjacent properties, but no opposing viewpoints are recorded here.
Same As
Increases the number of properties eligible for the coastal market assistance program to include properties located within one mile off the shore of the Hudson River.
Increases the number of properties eligible for the coastal market assistance program to include properties located within one mile off the shore of the Hudson River.
A bill for an act relating to property law, including rental properties, manufactured home communities, mobile home parks, and actions relating to such properties, making penalties applicable, and including effective date and applicability provisions.