S 10403 NY
Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint
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Summary
This bill prohibits insurance companies licensed or permitted by the superintendent from excluding coverage for losses or damages caused by exposure to lead-based paint in liability insurance policies for rental property owners. The prohibition becomes effective twenty-six months after the bill takes effect. All previously approved exclusions for lead-based paint exposure must terminate within twenty-six months following the effective date. The Department of Insurance is prohibited from approving any new exclusions for lead-based paint injury or damage after this act takes effect. The bill itself takes effect immediately.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Official abstract
Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint; provides that no insurer licensed or permitted by the superintendent to provide liability coverage to rental property owners shall exclude coverage for losses or damages caused by exposure to lead-based paint.
Sponsor (1)
- Jamaal Bailey Democratic · primary
Action history (1)
- May 15, 2026 REFERRED TO INSURANCE · upper
Text versions (2)
Full text
Full text imported from assembly.state.ny.us
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Bill No.: Summary Actions Committee Votes Floor Votes Memo Text LFIN Chamber Video/Transcript S10403 Summary: BILL NO S10403   SAME AS SAME AS A01067
  SPONSOR BAILEY   COSPNSR   MLTSPNSR   Add §3463, Ins L   Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint; provides that no insurer licensed or permitted by the superintendent to provide liability coverage to rental property owners shall exclude coverage for losses or damages caused by exposure to lead-based paint.
Go to top S10403 Text:
STATE OF NEW YORK ________________________________________________________________________
10403
IN SENATE
May 15, 2026 ___________
Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance
AN ACT to amend the insurance law, in relation to prohibiting the exclu- sion of coverage for losses or damages caused by exposure to lead- based paint
The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:
1 Section 1. The insurance law is amended by adding a new section 3463 2 to read as follows: 3 § 3463. Exclusion for lead hazards prohibited. No insurer licensed or 4 permitted by the superintendent to provide liability coverage to rental 5 property owners shall exclude, after twenty-six months following the 6 effective date of this section, coverage for losses or damages caused by 7 exposure to lead-based paint. The department shall not permit, authorize 8 or approve any exclusion for injury or damage resulting from exposure to 9 lead-based paint, except as specifically provided for in law, that was 10 not in effect as of the effective date of this section, and all previ- 11 ously approved exclusions shall terminate on or before twenty-six months 12 following the effective date of this section. 13 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00408-01-5
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