Please Pass A3844 in Next Legislative Session
A3844 was considered by the New Jersey General Assembly in an emergency session on March 13. Your outreach to Assembly and Senate members is needed for the bill to move forward, and provide critical assistance to nonprofit arts organizations that are struggling throughout the COVID-19 crisis. Assembly Bill No. 3844 provides a means for certain businesses that suffer losses due to interruption as a result of the COVID-19 pandemic to recover those losses from their insurer if they had a policy of business interruption insurance in force on March 9, 2020 (the date on which the Governor declared a Public Health Emergency and State of Emergency in Executive Order 103). Industry sources indicate that global virus transmission and pandemic are generally excluded from the list of covered perils under the existing standard business interruption insurance policy. The Insurance Services Office has developed a rider to provide an insured with the option of purchasing such coverage, but, to date, no states have yet approved the form. This bill is intended to hold harmless a certain portion of the business sector that had the foresight to purchase business interruption insurance for losses sustained as a result of the current health emergency, but for which no such coverage is currently offered. |
