This new bill is a great step forward for nonprofits in New York, as it provides them with more options for auto insurance. However, it is important to remember that insurance companies are still businesses, and may not always provide the best coverage for nonprofits. It is important for nonprofits to do their research and shop around for the best coverage that meets their needs.
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New York Nonprofits Now Have More Insurance Options Thanks to New Bill
Kelly Sikkema
On Friday, Sept. 15, New York Gov. Kathy Hochul signed legislation that will enable nonprofit risk retention groups (RRGs) domiciled outside of the state to write auto insurance policies to nonprofits across the state. This signing was announced at 12 noon ET, by Assemblymember Anna Kelles and state Sen. Lea Webb, who worked closely to guide the bill (A.5718a / S.5959a) through the New York legislature. This signing represents a major victory for the entire nonprofit sector, as nonprofits are often unable to secure insurance from commercial insurance companies due to their unwillingness to provide the specialized coverages nonprofits need.
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