N.Y. Assembly Approves Making High Risk Property Plan Permanent
The New York Assembly approved a bill that would make permanent the New York Property Insurance Underwriting Association (NYPIUA), an insurance program to provide insurance “of last resort” to property owners in Long Island coastal areas and in some urban areas of the state where policies providing coverage are not commercially available.
The bill (A.750-A) would ensure that the property owners in these areas would have access to fire and extended coverage insurance for residential and commercial properties.
The NYPIUA’s authority expires every year and must be annually renewed by lawmakers.
The bill was delivered to the Senate.
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