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Bill urges insurers to say whether BI policy covers pandemics



The New Jersey Assembly has passed legislation that would require certain insurers to disclose to potential buyers and current policyholders if their business interruption policy covers pandemics.

The bill, A-4805, requires insurers issuing business interruption policies in New Jersey to disclose to any potential buyer or policyholder seeking renewal, if the insurance provides coverage for "global virus transmission or pandemic coverage." [19659002] The information must be provided in a "form and in a manner prescribed by the Commissioner for Banking and Insurance", according to the text of A-4805.

The bill also requires insurers to notify current policyholders with business interruption insurance within 30 days of the adoption of the bill whether the policy provides coverage for global virus transmission or pandemic coverage. [1

9659002] The notification must be in a written statement delivered by post or electronically, in accordance with the text of the bill.

If the insurer signs it, the governor will implement A-4805 as described, Alison Cooper, vice president of state government relations for APCIA, said in a written statement on Tuesday.

"Insurers are committed to helping their clients understand their business disruptions and the coverage options available to them, especially in the midst of a pandemic," she said. [19659002] The bill was introduced on October 8, 2020 and passed both the Senate and the Assembly on March 25.

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