Discusses a NJ law requiring insurers to provide applicants and policyholders seeking commercial property coverage with a one-page mandated summary addressing loss of use and occupancy of a commercial property and business interruption.
September 03, 2021 at 05:40 AM
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The state of New Jersey, after soliciting stakeholder feedback, has adopted a new law requiring commercial property insurers to provide their insureds with a state mandated one-page summary explaining common insurance clauses found in such policies. Insurers must use the summary created by the New Jersey Department of Banking and Insurance (DOBI) without deviation. The summary must be provided to all existing policyholders within ninety days of the date of its posting (August 16, 2021) on DOBI’s website, which is November 13, 2021. The summary must also be provided to any applicant or renewal purchaser of commercial property insurance covering the loss of use and occupancy of a commercial property and business interruption in New Jersey. Insurers should not file the Summary, as all insurers will use the same summary document provided by the state.
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