New Jersey Legislators Push Bill To Allow Pandemic Damage Coverage

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In addition to allowing insurers to offer an insurer against viruses, the bill also stipulates that the New Jersey Department of Banking and Insurance (DOBI) Commissioner “must expeditiously review and approve, as appropriate, any insurance policy participant submitted by the insurer to provide insurance coverage. coverage offered under section 1 of this law. “

“These companies no longer have to turn to page 17, paragraph three, and realize,“ Wait. I am not covered … and I remain vulnerable, ”said collector Roy Freiman of Somerset. “That’s what this law is about.”

Freiman also explained during a recent hearing that during the pandemic, many out-of-service insurance businesses were “pervasively disappointed to learn that they did not receive coverage from the pandemic, that it was ruled out.”

The installer also learned from businesses that when they reached out to their insurers about the lack of coverage for losses from the pandemic, the insurers told them that “not only do we not offer it, but we cannot offer this type of coverage,” Freiman said. “The Insurance Department does not even allow us to offer such insurance.”

Law360 advised that the law will take effect immediately and will apply to policies issued on or after the date on which the DOBI Commissioner approves such a rider.

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