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Posted on: October 28, 2022

Minimum Liability Insurance Requirements Law

The State of NJ, through P.L. 2022, c. 92, instituted a new minimum liability insurance requirement for owners of businesses and rental units.  The law applies for new insurance policies issued on or after November 3, 2022, and requires the owner of a business, or one or more rental units, to maintain liability insurance for negligent acts and omissions in an amount no less than $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence. However, owner-occupied two-family, three-family or four-family homes are subject to a lower $300,000 coverage minimum which becomes effective for insurance policies issued on or after February 1, 2023. 

In all cases, owners are required to annually register the certificate of insurance in the municipality where the business or rental unit is located.  Borough of Seaside Heights has assigned the Code Enforcement Office with responsibility for enforcing the state law. The annual filing fee, permitted by the state law, is $50. 

A copy of the state law is available at https://pub.njleg.state.nj.us/Bills/2022/PL22/92_.pdf   

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