Nov 7, 2019
For-hire vehicle law goes into effect Jan. 1, 2020
Gov. Andrew M. Cuomo signed legislation, S.5329-A, into law on Oct. 23, 2019, amending and clarifying Chapter 59 of the laws of 2019.
Originally, Chapter 59 increased the insurance limits for for-hire vehicles with a seating capacity of eight or greater passengers to $1.5 million. It did away with split limits of liability and, instead, required a combined single limit. However, it did not include property damage limits within the combined single limits.
This new law, which goes into effect Jan. 1, 2020, does include property damage limits within the combined single limits. In addition, the new law applies the Jan. 1, 2020, effective date to those policies issued, renewed, altered or modified on or after that date.
For more information on how this new law will affect your clients, see the next Reporter.