NY| ELANY Bulletin No. 2024-21 Governor Hochul has signed legislation (A10342) that authorizes and defines business interruption insurance in New York, allowing policies to be placed by excess line brokers effective October 27, 2024. The new law, Insurance Law Section 1113(a)(34), defines business interruption insurance as covering losses from closures due to loss or damage to insured or neighboring property, acts or threats of violence on premises, or government orders. Notably, the law allows coverage to be triggered by violence or government orders—even without physical damage—and extends to closures from damage to neighboring property.
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