What's happening
This bill requires insurance companies to reduce fire insurance premiums for nonprofit-owned historic sites with approved sprinkler systems.
Why it matters
Provides financial relief for nonprofit organizations. By mandating lower fire insurance premiums for qualifying historic sites, this bill directly reduces a recurring cost for nonprofits that often operate on limited budgets, potentially freeing up resources for preservation, programming, or community engagement.
Incentivizes fire safety upgrades. Tying premium reductions to the installation of approved sprinkler systems encourages nonprofits to invest in modern fire protection, which both safeguards historic properties and reduces overall risk to irreplaceable cultural assets.
Aligns insurance rates with actual risk. By requiring that reductions be "actuarially appropriate," the law ensures that premium adjustments reflect the true decreased risk provided by sprinkler systems, promoting fairness and accuracy in insurance pricing for this unique class of properties.
Supports preservation of heritage sites. Lowering costs for nonprofits that steward historic sites may help more organizations maintain these properties, thus aiding in the broader societal goal of protecting and sharing New York’s cultural and architectural heritage.
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Who cares
Headline styles
Discount 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
5805
2019-2020 Regular Sessions
IN ASSEMBLY
February 19, 2019
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. 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 to be made and completed on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09747-01-9
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.