What's happening
This bill requires clear disclosure in homeowners insurance policies when removal of buried oil tanks is not covered.
Why it matters
Helps homeowners make informed decisions. By requiring insurers to clearly disclose that removal of buried oil tanks is not covered, the bill ensures policyholders understand a significant exclusion that could lead to major unexpected costs.
Promotes transparency and reduces confusion. Mandating bold, plain-language disclosures in a readable font size aims to prevent misunderstandings and disputes between homeowners and insurers regarding what is and isn’t covered.
Encourages proactive risk management. Knowing about this exclusion may prompt homeowners to inspect their properties for buried tanks or seek additional coverage, potentially preventing costly environmental or legal problems down the line.
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Who cares
Homeowners with buried oil tanks
They would receive a clear, prominent notice explaining that their homeowner’s policy does not cover removal of buried oil tanks.
Homeowner’s insurance companies
They would have to provide the prescribed disclosure in plain language, boldface and type no smaller than 12 points.
State insurance superintendent
The superintendent would have to establish regulations prescribing the disclosure requirements and notice form.
Headline styles
Disclose Oil Tank Exclusions
Plain English, a few words. Used as the page title.
Sponsors
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.
Disclose Buried Oil Tank Exclusions
In Senate Committee · Insurance · Sponsor David Carlucci
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2958
2017-2018 Regular Sessions
IN ASSEMBLY
January 23, 2017
Introduced by M. of A. SKOUFIS, GOTTFRIED, ARROYO, JAFFEE, BRABENEC, MONTESANO, SALADINO -- Multi-Sponsored by -- M. of A. COOK, GALEF, GLICK, GUNTHER, LAWRENCE, MAGEE -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The insurance law is amended by adding a new section 3407-b to read as follows:
§ 3407-b. Property/casualty insurance contract and policy standard provisions for the exclusion of buried oil tanks. The superintendent shall by regulation establish disclosure requirements with respect to the disclosure in a homeowner's insurance policy which applies to the exclusion of buried oil tanks. Such regulations shall prescribe the form of a disclosure to be provided by an insurer to an insured. Such disclosure notice shall explain in clear and plain language, and in prominent, boldface type and twelve point type or larger that the removal of buried oil tanks is not covered by such policy.
§ 2. This act shall take effect on the one hundred twentieth day after it shall have become a law; provided, however, that effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01826-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.