New York Governor Vetoes Self-Storage Insurance Legislation

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New York Governor David Paterson last week vetoed a bill that would have made it easier for self-storage operators to offer point-of-sale tenant insurance in the state. The Department of Insurance raised concerns about other laws that might be affected by the proposed measure and disputed the proposed effective date. The rejection came even though the national Self Storage Association and New York Self Storage Association had addressed the issues with the department, and the bill had already passed the state Assembly and Senate. 
  
Senate Bill 3477 would have amended the insurance law, authorizing the issuance of limited licenses to self-storage operators and allowing them to sell insurance coverage on personal property stored in self-storage units. Similar legislation has been passed in 10 other states, including California, Florida, Illinois, Texas and Washington.

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