New Jersey Enacts New Law Requiring Business Interruption Insurers to Disclose Coverage Parameters
By EsqSocial Corporation 24/05/21
On May 12, 2021, New Jersey Governor Phil Murphy signed into law a bill requiring insurers issuing policies covering loss or damage to property, including the loss of use and occupancy and business interruption, to disclose to policyholders whether their policy provides coverage for “global virus transmission or pandemic.” The disclosure must be in writing and provided to the insured either through mail or email. For policies currently in effect, insurers must provide the disclosure within 30...
By: Locke Lord LLP