Bill Text: NY A09346 | 2013-2014 | General Assembly | Amended

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Bill Title: Relates to court ordered appraisals under fire insurance policies.

Spectrum: Partisan Bill (Democrat 27-0)

Status: (Passed) 2014-11-21 - signed chap.451 [A09346 Detail]

Download: New_York-2013-A09346-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        9346--A
                                 I N  A S S E M B L Y
                                    April 16, 2014
                                      ___________
       Introduced  by M. of A. MORELLE, COOK, JACOBS, LIFTON, ABINANTI, CRESPO,
         SKARTADOS, STIRPE, OTIS, MOSLEY, SIMOTAS, CUSICK, SKOUFIS,  BENEDETTO,
         BRINDISI,  CLARK, MAGNARELLI, BROOK-KRASNY, McDONALD, WEPRIN -- Multi-
         Sponsored by -- M. of A. FAHY, HIKIND, MAGEE, MARKEY, ROBINSON, THIELE
         -- read once and referred to the Committee on  Insurance  --  reported
         and referred to the Committee on Codes -- reported and referred to the
         Committee  on  Rules  --  Rules  Committee  discharged,  bill amended,
         ordered reprinted as amended and recommitted to the Committee on Rules
       AN ACT to  amend  the  insurance  law,  in  relation  to  court  ordered
         appraisals under fire insurance policies
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Subsection (c) of section 3408 of  the  insurance  law,  as
    2  added by chapter 25 of the laws of 2010, is amended to read as follows:
    3    (c)  In  the  event  of a covered loss, whenever an insured or insurer
    4  fails to proceed with an appraisal upon  demand  of  the  other,  either
    5  party may apply to the court in the manner provided in subsection (a) of
    6  this  section  for  an  order  directing  the  other to comply with such
    7  demand. [If an] AN appraisal [is so ordered, it] shall [be limited to  a
    8  determination of] DETERMINE THE actual cash value [and/or], THE replace-
    9  ment  cost,  [or] the EXTENT OF THE LOSS OR DAMAGE AND THE amount of THE
   10  loss OR DAMAGE which shall be determined as specified in the policy  and
   11  shall  proceed  pursuant to the terms of the applicable appraisal clause
   12  of the insurance policy and not as an arbitration.  NOTWITHSTANDING  THE
   13  PROVISIONS  OF THIS SUBSECTION, AN APPRAISAL SHALL NOT DETERMINE WHETHER
   14  THE POLICY ACTUALLY PROVIDES COVERAGE FOR ANY  PORTION  OF  THE  CLAIMED
   15  LOSS OR DAMAGE.
   16    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10442-03-4