Requires owners of firearms to obtain liability insurance in an amount not less than one million dollars.
Summary
Bill S05974 mandates that all firearm owners in New York must obtain and maintain liability insurance with a minimum coverage of one million dollars. This insurance is specifically intended to cover damages resulting from negligent acts involving the use of the firearm. The bill stipulates that failure to maintain such insurance will lead to the revocation of the owner's registration, license, and any privileges associated with firearm ownership. Existing firearm owners are required to secure this insurance within thirty days of the bill's effective date, while peace officers and military personnel are exempt from this requirement.
Impact
If enacted, this bill would significantly alter the legal landscape regarding firearm ownership in New York by introducing a financial responsibility requirement for gun owners. It would create a new section in the insurance law, specifically addressing firearm liability insurance, thereby impacting both individuals and insurance providers. This could lead to increased insurance premiums for firearm owners and potentially reduce the number of individuals able to afford or maintain firearm ownership due to the financial burden of insurance costs.
Sentiment
The sentiment surrounding Bill S05974 appears to be mixed, with proponents arguing that it enhances public safety by ensuring that firearm owners are financially responsible for any damages caused by their firearms. Conversely, opponents may view it as an infringement on Second Amendment rights and a potential barrier to lawful gun ownership, leading to concerns about accessibility and fairness in the insurance market.
Contention
Notable points of contention include the potential financial burden on law-abiding citizens who wish to own firearms and the implications for personal freedoms. Advocates for the bill argue that it is a necessary step towards responsible gun ownership, while critics, including some gun rights organizations, contend that it unfairly targets responsible gun owners and could lead to a decrease in legal firearm ownership overall.
Requires individuals who own firearms to obtain and continuously maintain a policy of liability insurance in an amount of not less than $1,000,000 dollars and exempts active duty law enforcement and military from this requirement.
Individuals who own firearms obtaining and maintaining liability insurance requirement provision and firearm liability insurance surcharge imposition provision
Individuals who own firearms required to obtain and maintain liability insurance required, criminal penalties imposed, and firearm liability insurance surcharge imposed.
Owners of firearms required to have liability insurance, and homeowners' and tenants' policies required to include liability coverage for accidental discharge of firearms.
Imposes a property tax on non-owner occupied residential properties assessed worth at one million dollars ($1,000,000) and less than two million dollars ($2,000,000) and a higher tax on properties assessed at two million dollars ($2,000,000) or more.