To establish its right to rescind an insurance policy, “an insurer must demonstrate that the insured made a material misrepresentation,” and to establish materiality as a matter of law, “the insurer must present documentation concerning its underwriting practice . . . which show that it would not have issued the same policy if the correct information had been disclosed in the application.” (Credit: Olivier Le Moal/Shutterstock.com) New York State Authorizes Stand-Alone Business Interruption Insurance Policies
This article discusses A.B. 10342, a newly passed bill by Governor Kathy Hochul "which amended New York State insurance law to authorize, for the first time, stand-alone business interruption insurance policies. Notably, these policies would respond to claims for business interruption loss even in the absence of direct physical loss or damage to property."
February 06, 2025 at 09:00 AM
6 minute read
On Sept. 27, 2024, Governor Kathy Hochul approved A.B. 10342, which amended New York State insurance law to authorize, for the first time, stand-alone business interruption insurance policies. Notably, these policies would respond to claims for business interruption loss even in the absence of direct physical loss or damage to property.
The authorization of this new insurance product is a direct response to the effects of the COVID-19 pandemic, during which time government orders requiring the shutdown of non-essential businesses forced countless businesses to close their doors.
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