What's happening
This bill extends owner controlled insurance programs to include bridge, tunnel, or omnibus facilities in New York.
Why it matters
Broadens insurance options for major infrastructure projects. By including bridge, tunnel, and omnibus facilities, public entities can now use owner controlled insurance programs (OCIPs) for a wider range of large-scale construction projects, potentially leading to more streamlined and consistent insurance coverage.
Potential cost savings and improved risk management. OCIPs can reduce overall insurance costs for public works by consolidating coverage under one policy, which may lower premiums and administrative expenses, and help prevent gaps or overlaps in coverage that can arise with multiple contractors.
May accelerate and simplify public construction. With OCIPs now available for bridge, tunnel, and omnibus facility projects, public authorities might face fewer insurance-related delays or disputes, supporting quicker project starts and smoother execution of critical infrastructure work.
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Who cares
Headline styles
Extend Insurance for Public Projects
Plain English, a few words. Used as the page title.
Sponsors
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.
Extend Insurance for Public Projects
In Assembly Committee · Insurance · Sponsor Steven Cymbrowitz
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4196
2017-2018 Regular Sessions
IN SENATE
February 6, 2017
Introduced by Sen. DILAN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance
AN ACT to amend the insurance law, in relation to extending owner controlled insurance programs in certain instances
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (B) of paragraph 2 of subsection (a) of section 2504 of the insurance law is amended to read as follows:
(B) the city of New York, a public corporation or a public authority, in connection with the construction of electrical generating and transmission facilities or construction, extensions and additions of light rail or heavy rail rapid transit and commuter railroads, or bridge, tunnel or omnibus facilities.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06959-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to extending owner controlled insurance programs in certain instances
Purpose
This bill would expand the ability of the Metropolitan Transportation Authority (MTA), to use owner controlled insurance programs in connection with bus facilities and bridge and tunnel capital projects.
Summary of provisions
This bill would amend Insurance Law § 2504(a)(2)(B) to expand the use of owner controlled insurance programs for the MTA to include bus facilities and bridge and tunnel capital projects.
Existing law
Currently, the MTA is permitted to use owner controlled insurance programs only in connection with the construction of electrical generating and transmission facilities or construction, extensions and additions of light rail or heavy rail rapid transit and commuter railroads.
Justification
The MTA currently uses owner controlled insurance programs in connection with its multi-billion dollar subway and commuter capital programs. Existing law restricts the use of owner controlled insurance programs for other major projects, such as bridge and tunnel projects. MTA believes that this amendment will allow it to bring the same cost savings to these additional projects that it has already experienced in connection with the subway and commuter railroad capital program.
Legislative history
2013-2014 S.412/A.1608 Referred to insurance. 2015-2016 S.1843/A.1957: Referred to insurance
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.