Bill > A00425

This bill amends the insurance law to expand the coastal market assistance program by adding the Hudson River to the list of water bodies where properties within one mile of the shore can be eligible for the program. The coastal market assistance program is an insurance initiative that allows the insurance association to establish participation standards for properties located near specific bodies of water. Previously, the program covered properties near salt-water oceans, sounds, bays, inlets, Lake Erie, Lake Ontario, the Saint Lawrence River, and the Niagara River. The bill now explicitly includes the Hudson River in this list, measuring the one-mile distance from the mean high water mark. This expansion potentially provides more property owners along the Hudson River with access to the coastal market assistance program, which likely helps homeowners in coastal or riverside areas obtain insurance coverage that might otherwise be difficult to secure. The bill is set to take effect simultaneously with a related legislative bill that also addresses insurance coverage for coastal properties.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A425