Property owners along New York state’s Great Lakes and rivers may now have increased insurance options soon. The New York state Assembly passed A.9821, sponsored by Assemblyman Steven Otis D-91, on Wednesday. This legislation is set to widen the eligibility criteria for Coastal Market Assistance Program, making it a crucial development for both insurance agents and policyholders. Strongly supported by PIANY, the bill promises to enhance the accessibility and affordability of property/casualty insurance across the state.
Key features of the new legislation
The legislation would expand the number of properties eligible to receive coverage through the state’s C-MAP. Under the legislation, properties within one mile of the shore—including freshwater lakes like Lake Erie and Ontario, as well as freshwater rivers such as the Saint Lawrence and Niagara rivers—would be eligible for coverage in C-MAP.
Currently, the law makes no specific reference to freshwater bodies of water, so this change is needed to ensure all coastal properties in New York state would be eligible for coverage in C-MAP.
Support from PIA and industry stakeholders
PIANY was an early supporter of this bill. It would provide agents and their clients with additional coverage options for coastal properties during times when many standard carriers are pulling back from the shore.
Looking ahead
With the bill passing the Legislature, it will now wait for action by Gov. Kathy Hochul.
For more information on the C-MAP bill and its implications, visit the PIA Northeast News & Media or contact the New York State Department of Financial Services.
Learn more about the C-MAP bill here.
Read PIANY’s memo in support of the C-MAP Bill here.
Theophilus Alexander
Theophilus W. Alexander joined PIA Northeast as a government & industry affairs specialist for the Government & Industry Affairs Department in 2023. Prior to joining PIA, Theo had served in both houses of the New York State Legislature. Previously, he worked as a legislative analyst for Hon. New York State Sen. Samra G. Brouk, D-55, and he served at the New York State Assembly, as a policy analyst with New York Assembly Program & Counsel. Theo received his Bachelor of Arts degree in Politics from Ithaca College in Ithaca, N.Y.
