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Assembly Commerce and Economic Development Committee Statement to Assembly Committee Substitute, No. 4805

Summary

A statement of the Assembly Commerce and Economic Development Committee to the Assembly on the Assembly Committee Substitute for Assembly Bill No. 4805 of the State of New Jersey, dated October 21, 2020. The committee reports the substitute favorably. It requires the Department of Banking and Insurance to publish on its internet website, on or before the 90th day after the date of enactment, a one page summary of common insurance clauses on coverage for loss of use and occupancy of a commercial property and business interruption. The summary is to be developed through a public stakeholder process, and an insurer is to provide it to potential purchasers and to policyholders seeking renewal, with the application for the policy or renewal.

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“Assembly Commerce and Economic Development Committee Statement to Assembly Committee Substitute, No. 4805.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-10-21-ace-a4805-s1-0cf2353db3/, SHA-256 027955817cb46ba81ba7aa05ed1e7976fa9fe09c22b510133b3a68ebea7b12e3.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

     ASSEMBLY COMMITTEE SUBSTITUTE FOR
                     ASSEMBLY, No. 4805

       STATE OF NEW JERSEY
                         DATED: OCTOBER 21, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably an Assembly Committee Substitute for Assembly
      Bill No. 4805.
          This committee substitute requires the Department of Banking and
      Insurance to publish on its internet website, on or before the 90th day
      after the date of enactment of the bill, a one page summary of common
      insurance clauses concerning coverage for the loss of use and
      occupancy of a commercial property and business interruption that
      may be used in a commercial insurance policy. The summary is to be
      developed through a public stakeholder process, be written in easily
      understandable language, and include certain information, statements,
      and disclaimers.
          Under the bill, an insurer is to provide the summary to any
      potential purchaser of, or any policyholder seeking renewal of, a
      policy that provides coverage for the loss of use and occupancy of a
      commercial property and business interruption in this State with the
      application for the policy or renewal.
          The bill provides that an insurer that has issued a policy insuring
      against loss of use and occupancy of a commercial property or
      business interruption that is in effect on the date the summary is
      published is to deliver the summary to each policyholder by written or
      electronic means before 90 days after the date the summary is
      published.

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