S T A T E O F N E W Y O R K
S. 1460 A. 1413
2011-2012 Regular Sessions
S E N A T E - A S S E M B L Y
January 7, 2011
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Insurance
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Insurance
AN ACT to amend the insurance law, in relation to windstorm insurance
notice regarding deductibles
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 3445 of the insurance law, as added by chapter 44
of the laws of 1998, is amended to read as follows:
S 3445. Windstorm insurance notice. 1. The superintendent shall by
regulation establish disclosure requirements with respect to the opera-
tion of any deductible in a homeowner's insurance policy or dwelling
fire personal lines policy which applies as the result of a windstorm.
Such regulations shall prescribe the form of a notice to be provided by
an insurer to an insured. The notice shall explain in clear and plain
language the amount of the deductible SUBJECT TO SUBSECTION THREE OF
THIS SECTION, the circumstances under which the deductible applies and
any other matters which the superintendent, in his or her discretion,
shall deem necessary or appropriate.
2. A CATASTROPHIC WINDSTORM DEDUCTIBLE APPLICABLE TO A HOMEOWNER'S
INSURANCE POLICY OR DWELLING FIRE PERSONAL LINES POLICY SHALL NOT BE
APPROVED BY THE DEPARTMENT UNLESS THE DEDUCTIBLE IS APPLICABLE ONLY TO
LOSSES INCURRED IN A HURRICANE WHICH CAUSES WIND SPEEDS OF ONE HUNDRED
TWENTY-FIVE MILES OR GREATER PER HOUR TO OCCUR WITHIN THE STATE.
3. THE MAXIMUM DEDUCTIBLE ALLOWED SHALL NOT BE GREATER THAN FIFTEEN
HUNDRED DOLLARS AND SHALL BE STATED ON THE POLICY IN NUMERICAL TERMS.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.