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Sponsors
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History
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that the maximum deductible allowed on policies for windstorms shall not be greater than $1,500
In Assembly Committee · Insurance · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1460
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 §3445 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
2009-10 S.241; 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.