This bill does the following.

1. It brings commercial property insurance contracts under the property insurance cancellation control laws so that business owners may appeal nonrenewal decisions to the Department of Professional and Financial Regulation, Bureau of Insurance. Current law extends the right of appeal to a business owner only when an insurer cancels a property insurance policy in the middle of its term.

2. It requires an insurer to provide advance notice of needed property repairs to a policyholder and to allow for a minimum of 4 months for the policyholder to complete the repairs before issuing a nonrenewal notice based on lack of necessary repairs for a property insurance policy subject to the property insurance cancellation control laws.

3. It requires insurers who include a coinsurance clause in property insurance contracts to make written disclosures to policyholders that include numeric examples explaining how the coinsurance clause applies to the amount of coverage provided for equipment or property insured under the contract in the event of a claim.