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Who cares
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Sponsors
Senator · Senate District 38
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for the disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts
In Assembly Committee · Insurance · Sponsor James Skoufis
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5598
Title of bill
An act to amend the insurance law, in relation to disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts
Purpose
To establish a means by which those who have underground oil tanks are aware of whether they are properly insured for a leak or not.
Summary of provisions
Section 1 of the bill adds a new section 3407-b to the insurance law to direct the superintendent to establish, by regulation, disclosure requirements with respect to the exclusion of coverage related to buried oil tanks.
Section 2 provides the effective date.
Justification
There are many people in New York State who use underground oil tanks, mostly at their residence. Insurers may well exclude coverage of an insured's oil tank leaking from his or her policy, often unbeknownst to the insured. Oil tank leaks often involve very extensive cleanup and DEC intervention, costing in the thousands, if not tens of thousands, of dollars if not covered by insurance. This bill will ensure that policyholders are at least aware of whether they are covered or not in the event of a leak.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect on the one hundred twentieth day after it shall have become a law
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.