Assembly Bill A7977

2023-2024 Legislative Session

Requires property/casualty insurance policies to state the types and causes of damage that are covered by such policy

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A7977 (ACTIVE) - Details

See Senate Version of this Bill:
S8114
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3407-a, Ins L

2023-A7977 (ACTIVE) - Summary

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.

2023-A7977 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7977
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              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:
 
   Section 1.  Section 3407-a of the insurance law, as added  by  chapter
 306 of the laws of 2001, is amended to read as follows
   §  3407-a.  Property/casualty  insurance  contract and policy standard
 provisions. (A) No property/casualty insurance policy or contract  shall
 be  issued  or issued for delivery on a risk located or resident in this
 state insuring against damage to the insured's real property  unless  it
 contains  in  substance  the following provision or a provision which is
 equal or more favorable to the insured: a provision that in the event of
 a pending claim for damage to real property, upon request,  the  insurer
 shall furnish to the insured's representative, designated in writing, or
 if none has been designated, to the insured, a copy of any written esti-
 mate or estimates of the cost of damages to real property resulting from
 the  loss  which  the  insurer  has  independently  prepared for its own
 purposes, or had prepared on its behalf for its own purposes, specifying
 all appropriate deductions, within thirty  days  after  the  request  or
 preparation,  whichever  is  later,  of  such  estimate or estimates. An
 insurer shall not be required to  provide  an  estimate  on  claims  for
 damages to real property unless it has independently prepared one or had
 one prepared on its behalf for the insurer's own purposes.
   (B)  EVERY  PROPERTY/CASUALTY  INSURANCE  POLICY OR CONTRACT ISSUED OR
 ISSUED FOR DELIVERY ON A RISK LOCATED OR RESIDENT IN  THIS  STATE  SHALL
 CLEARLY  AND CONCISELY STATE THE TYPES AND CAUSES OF DAMAGE THAT ARE AND
 THAT ARE NOT  COVERED  BY  SUCH  POLICY.    SUCH  INFORMATION  SHALL  BE
 CONTAINED AT OR NEAR THE BEGINNING OF THE POLICY AND SHALL BE PRINTED IN
 A FONT SIZE THAT IS EASILY LEGIBLE.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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