The amendment’s authorization of excess line brokers to place stand-alone business interruption insurance policies in New York State could help to provide potential insureds with more coverage options. (Credit: Yurii Kibalnik/Adobe Stock)
In September, 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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