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Bill > S3769
NJ S3769
NJ S3769Prohibits condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners.
summary
Introduced
05/11/2021
05/11/2021
In Committee
05/11/2021
05/11/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill would prevent condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners. Under current law, a condominium association can pass the cost of any deductible arising from a claim under the association's insurance policy to an individual unit owner. This bill would prevent condominium associations from placing the burden of a deductible on one owner or a group of owners. The bill would ensure that unit owners realize the full benefit of an association's insurance policy, which is the pooling of risks among a large group of similarly situated individuals.
AI Summary
This bill would prevent condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners. Under current law, a condominium association can pass the cost of any deductible arising from a claim under the association's insurance policy to an individual unit owner. This bill would prohibit condominium associations from placing the burden of a deductible on one owner or a group of owners, ensuring that unit owners realize the full benefit of the association's insurance policy, which is the pooling of risks among a large group of similarly situated individuals.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 05/11/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S4000/3769_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S4000/3769_I1.PDF |
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