Bill
Bill > A2439
NJ A2439
NJ A2439Prohibits condominium associations from assessing insurance deductibles to individual unit owners or groups of unit owners.
summary
Introduced
02/01/2018
02/01/2018
In Committee
02/01/2018
02/01/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 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 (2)
Last Action
Introduced, Referred to Assembly Housing and Community Development Committee (on 02/01/2018)
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/2018/Bills/A2500/2439_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A2500/2439_I1.PDF |
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