senate Bill S241

Provides that the maximum deductible allowed on policies for windstorms shall not be greater than $1,500

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 07 / Jan / 2009
    • REFERRED TO INSURANCE
  • 06 / Jan / 2010
    • REFERRED TO INSURANCE

Summary

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Bill Details

See Assembly Version of this Bill:
A337
Versions:
S241
Legislative Cycle:
2009-2010
Current Committee:
Senate Insurance
Law Section:
Insurance Law

Sponsor Memo

BILL NUMBER: S241

TITLE OF BILL :
An act to amend the insurance law, in relation to windstorm insurance
notice regarding deductibles


PURPOSE :
To clearly define the "trigger" or conditions defining the term
catastrophic windstorm in the insurance law and place a maximum amount
deductible on windstorm damage in homeowner's policies.

SUMMARY OF PROVISIONS :
Amends ยง3446 of the Insurance Law to clarify that catastrophic
windstorm damage deductibles shall only be applicable to hurricanes
with windspeeds of 125 miles per hour or greater and limits the
deductible to a maximum of $1500.

JUSTIFICATION :
The residents of the coastal areas of the state have been for the past
few years, subject to a homeowner's insurance market that has
vacillated and fluctuated. Without real damage experience in these
areas, insurance companies have instituted policies of huge
deductibles predicated on hurricanes with minimum windspeeds. This
bill will provide those residents with a stable market with reasonable
coverage.

LEGISLATIVE HISTORY :
S.139, 2007-08; S.716, 2005-06; S.724, 2003-04; S.2080, 2001-02;
1999-00, S.4982.

FISCAL IMPLICATIONS :
None.

EFFECTIVE DATE :
This act shall take effect immediately.
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