Bill Text: NY A07977 | 2023-2024 | General Assembly | Introduced

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Bill Title: Requires property/casualty insurance policies to state the types and causes of damage that are covered by such policy; requires such information to be provided at or near the beginning of such policy.

Spectrum: Slight Partisan Bill (Democrat 4-2)

Status: (Introduced) 2024-01-03 - referred to insurance [A07977 Detail]

Download: New_York-2023-A07977-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7977

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     August 18, 2023
                                       ___________

        Introduced by M. of A. EACHUS -- read once and referred to the Committee
          on Insurance

        AN   ACT   to   amend  the  insurance  law,  in  relation  to  requiring
          property/casualty insurance policies to state the types and causes  of
          damage that are covered by such policy

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1.  Section 3407-a of the insurance law, as added  by  chapter
     2  306 of the laws of 2001, is amended to read as follows
     3    §  3407-a.  Property/casualty  insurance  contract and policy standard
     4  provisions. (a) No property/casualty insurance policy or contract  shall
     5  be  issued  or issued for delivery on a risk located or resident in this
     6  state insuring against damage to the insured's real property  unless  it
     7  contains  in  substance  the following provision or a provision which is
     8  equal or more favorable to the insured: a provision that in the event of
     9  a pending claim for damage to real property, upon request,  the  insurer
    10  shall furnish to the insured's representative, designated in writing, or
    11  if none has been designated, to the insured, a copy of any written esti-
    12  mate or estimates of the cost of damages to real property resulting from
    13  the  loss  which  the  insurer  has  independently  prepared for its own
    14  purposes, or had prepared on its behalf for its own purposes, specifying
    15  all appropriate deductions, within thirty  days  after  the  request  or
    16  preparation,  whichever  is  later,  of  such  estimate or estimates. An
    17  insurer shall not be required to  provide  an  estimate  on  claims  for
    18  damages to real property unless it has independently prepared one or had
    19  one prepared on its behalf for the insurer's own purposes.
    20    (b)  Every  property/casualty  insurance  policy or contract issued or
    21  issued for delivery on a risk located or resident in  this  state  shall
    22  clearly  and concisely state the types and causes of damage that are and
    23  that are not  covered  by  such  policy.    Such  information  shall  be
    24  contained at or near the beginning of the policy and shall be printed in
    25  a font size that is easily legible.
    26    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13004-01-3