What's happening
This bill requires fire insurance premium reductions for nonprofit-owned historic sites in New York equipped with approved sprinkler systems.
Why it matters
Encourages fire safety investments. By guaranteeing lower insurance premiums, the bill provides a financial incentive for nonprofit organizations that operate historic sites to install and maintain approved sprinkler systems, potentially making it more feasible for them to invest in fire prevention.
Supports preservation efforts. Lower insurance costs can help nonprofit-owned historic sites redirect limited resources toward maintenance, restoration, and educational programming, strengthening their ability to preserve and share New York’s cultural heritage.
Recognizes unique challenges of nonprofits. The bill acknowledges that nonprofits, especially those managing historic properties, often face higher insurance costs and operational constraints, and aims to ease this burden, promoting their sustainability and resilience.
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Who cares
Headline styles
Lower Fire Insurance for Nonprofits
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6850
2017-2018 Regular Sessions
IN ASSEMBLY
March 22, 2017
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring reduction in rates of premiums for commercial risk fire insurance on certain historic sites owned and operated by a not-for-profit corporation
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 2346-b to read as follows:
§ 2346-b. Reduction in rates of commercial risk fire insurance premiums; nonprofit historic sites. The superintendent shall provide for an actuarially appropriate reduction in the rates of the fire insurance component of commercial risk insurance premiums applicable to a historic site, as defined in subdivision fourteen of section 1.03 of the parks, recreation and historic preservation law, equipped with an approved sprinkler system and owned and operated by a not-for-profit corporation.
§ 2. This act shall take effect on the sixtieth day after it shall have become a law, and shall apply to all policies issued, renewed, modified, altered or amended on or after such date; provided that any and all rules and regulations and any other measures necessary to implement any provision of this act on its effective date shall be promulgated and taken on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03701-01-7
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.