Bill > S648

This bill requires the joint underwriting association and insurers licensed to write homeowners' insurance to provide coverage for response action costs and property damage caused by the release of heating oil from residential liquid fuel tanks, as well as liability coverage for third-party claims arising from such releases. The minimum coverage is $75,000 per occurrence for first-party property coverage and $250,000 per occurrence for third-party liability coverage, subject to a reasonable deductible not exceeding $1,000 per claim. Insurers may exclude such coverage if the release is due to the owner's failure to comply with certain requirements under state law, but must provide annual written notice to the insured explaining these requirements. The bill applies to policies issued or renewed on or after January 1, 2024.