New York Gov. George Pataki has proposed an insurance bill that would allow insurers to sell business policies covering losses caused by governmental closures of roads. Pataki’s “civil authority” bill would provide for insurance coverage based on lost business rather than actual physical damage. Business interruption insurance currently requires the business be physically damaged before a merchant can collect insurance monies.
The New York Insurance Association supports the bill, though spokesman Bernie Bordeau has said insuring such potential losses would be risky. “Unlike the whims of nature…you’re now adding the whims of a political entity,” Bordeau was reported as saying in an Associated Press story.
Topics New York
Was this article valuable?
Here are more articles you may enjoy.
Willis Towers Watson Accuses Lockton of ‘Smash and Grab’ of Construction Team 
One Battle After Another: What TPLF Victory in One State Means for Others 
Progressive Boosts Exposure With Football Field Logos at 13 Universities 
Judge Nixes Uber’s RICO Suit Alleging NY Lawyers, Doctors Conspired on Auto Claims 
