Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4805 (October 21, 2020)

Summary

An Assembly Commerce and Economic Development Committee statement to the Assembly Committee Substitute for Assembly, No. 4805, State of New Jersey, dated October 21, 2020, reporting the substitute favorably. It requires the Department of Banking and Insurance to publish online, on or before the 90th day after enactment, a one page summary of common commercial insurance clauses on loss of use and occupancy of a commercial property and business interruption. The summary is to be developed through a public stakeholder process. Insurers are to give it to applicants and renewing policyholders, and to deliver it to existing policyholders before 90 days after publication.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

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.

File and source

File

2020-10-21_ACE_A4805_S1.htm

Size

5,667 bytes

SHA-256

90db2a7055ef3f677743766f111194511da2b509676b6005e4d077404d9c11a0

Our copy

2020-10-21_ACE_A4805_S1.htm

Original

No public link identified.