In the wake of Superstorm Sandy, insurers in New Jersey will be required to add a summary sheet to homeowners policies issued to consumers, which an industry official cautiously endorsed as long as it does not prove burdensome to carriers.
On Monday, the Star-Ledger reported that Gov. Chris Christie signed into law a bill that requires insurers to provide a one-page summary explaining notable coverage and exclusions under the policy. The summary will be included with the consumer information brochure that policyholders already receive.
Legislators say that after Superstorm Sandy struck the Jersey shore many of their constituents were shocked to discover that their policy did not cover all they thought it would and the summary's aim is to clear-up any confusion. The law (A-3642) requires the state's Commissioner of Banking and Insurance to determine what notable coverage and exclusions are under the policy and incorporate that into the summary.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
