New York State
FOR IMMEDIATE RELEASE
LEVIN ANNOUNCES DEPARTMENTS EFFORTS
TO ENHANCE BUSINESS INTERRUPTION INSURANCE
At the direction of Governor George E. Pataki, Superintendent Neil D. Levin today announced that he will work with the Empire State Economic Development Corporation and other State Agencies to develop coverage enhancements for Business Interruption insurance.
"Business Interruption insurance is a vital component for a business financial well being," said Levin. "The Departments commitment to this enhancement effort will benefit New York State business owners for years to come. The Governors directive is another example of this administration commitment to ensuring that New York State is a place where businesses can thrive."Business Interruption insurance provides businesses with coverage for loss of income and extra expenses when they are forced to close as a result of damage to the premises or as a result of actions from civil authorities. This coverage can be critical to the survival of businesses that are forced to remain closed for a period of time due to catastrophic conditions or circumstances.
Pataki also asked the Department to coordinate with insurers and various trade associations to establish an outreach program to increase business owners awareness of benefits. The effort will make businesses, especially small businesses, more aware of how they can maximize their use of this coverage. In addition, the Department will work on developing enhancements to bridge gaps in coverage that exist in policies currently available in the marketplace.