17:29AA-33 Publication of summary concerning business interruption insurance. 1. The Department of Banking and Insurance shall publish on its internet website, on or before the 90th day after the date of enactment of P.L.2021, c.98 (C.17:29AA-33 et al.), a one page summary of common insurance clauses concerning coverage for the loss of use and occupancy of a commercial property and business interruption that may be used in a commercial insurance policy. The summary shall: a. be developed through a public stakeholder process; b. be written in easily understandable language; and c. include: (1) information concerning common coverage triggers; (2) examples of perils typically covered; (3) a summary of common exclusions; (4) the following statement, in a prominent place in the summary: "Your policy may not cover pandemics or viruses"; (5) the following statement: "Most business interruption insurance policies cover losses sustained due to a suspension of business where the suspension was caused by direct physical loss of or damage to property or the insured's premises, and where the loss or damage is caused by or results from a specified peril or covered cause of loss. For such policies, a government ordered shutdown may not trigger business interruption insurance coverage in the absence of physical damage to the insured property."; and L.2021, c.98, s.1.
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