Senate Bill S8114

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

Archive: Last Bill Status - In Senate Committee Insurance 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-S8114 (ACTIVE) - Details

See Assembly Version of this Bill:
A7977
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3407-a, Ins L
Versions Introduced in 2025-2026 Legislative Session:
A211

2023-S8114 (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-S8114 (ACTIVE) - Sponsor Memo

2023-S8114 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8114
 
                             I N  S E N A T E
 
                              January 8, 2024
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed 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
                       [ ] is old law to be omitted.
                                                            LBD13004-01-3

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