Bill > S813

This bill modifies insurance coverage requirements for home heating oil releases, mandating that homeowners' insurance policies provide specific protections for residential property owners. The bill defines key terms like "environmental media" and "liquid fuel tank", and requires insurers to offer both first-party property coverage and third-party liability coverage for heating oil releases. First-party coverage includes costs to assess and remediate a heating oil release impacting buildings, soil, indoor air, or other environmental media, along with reimbursement for personal property damage. Third-party liability coverage includes defending the insured against claims and covering response action costs for environmental impacts. The minimum coverage is set at $75,000 for first-party property and $250,000 for third-party liability, with a maximum deductible of $1,000 per claim. Insurers can exclude coverage if the property owner fails to comply with specific maintenance requirements, but must provide annual written notice explaining these requirements. The bill will apply to insurance policies issued or renewed on or after July 1, 2025, providing homeowners with more comprehensive protection against potential environmental and property damages from heating oil releases.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S813