Indo-US Legal Sector Redefined: Consulate General of India, New York, SEPC India, and Draft n Craft Join Forces.
2023-06-29
New Jersey Lawmakers Advance Bill To Allow Pandemic Insurance
A New Jersey Assembly committee on Wednesday advanced legislation that would permit insurers to offer coverage to policyholders for losses stemming from a pandemic like the coronavirus outbreak under provisions that state regulators would have to review on an expedited basis.
With businesses across the Garden State struggling to secure such coverage amid the COVID-19 pandemic, the Assembly Financial Institutions and Insurance Committee approved A.B. 4551, which would enable insurance companies to offer a policy “rider” that would extend coverage for “global virus transmission or pandemic, or both.”
The legislation, which was introduced in August, tackles a coverage issue that has sparked litigation in New Jersey state and federal courts after insurers refused to cover pandemic-related losses for businesses that took financial hits in the wake of government restrictions aimed at curbing the spread of COVID-19.
The legislation, which was introduced in August, tackles a coverage issue that has sparked litigation in New Jersey state and federal courts after insurers refused to cover pandemic-related losses for businesses that took financial hits in the wake of government restrictions aimed at curbing the spread of COVID-19.
The legislation would take effect immediately and apply to insurance policies issued on or after the date when the DOBI commissioner approves such a rider.
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