N.J.S.A. 40A:10A-1 — Liability insurance, negligent acts, omissions; business owners, rental unit, units owner.

40A:10A-1 Liability insurance, negligent acts, omissions; business owners, rental unit, units owner. 1. a. Except as provided in subsection b. of this section, the owner of a business or the owner of a rental unit or units shall maintain liability insurance for negligent acts and omissions in an amount of 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. b. The owner of a multifamily home which is four or fewer units, one of which is owner-occupied, shall maintain liability insurance for negligent acts and omissions in an amount of no less than $300,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence. L.2022, c.92, s.1.

This is the verbatim text of N.J.S.A. 40A:10A-1, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.