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Who cares
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Sponsors
3 Co-sponsors
History
- Substituted by A9346A
- Ordered to third reading cal.1465
- Committee discharged and committed to rules
- Print number 4756a
- Amend and recommit to insurance
- 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.
Relates to court ordered appraisals under fire insurance policies
Signed by Governor · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4756A
Title of bill
An act to amend the insurance law, in relation to court ordered appraisals under fire insurance policies
Purpose
This bill relates to court ordered appraisals under fire insurance policies
Summary of provisions
Section 1 - Amends subsection (c) of Section 3408 of the insurance law, as added by Chapter 25 of the Laws of 2010.
Section 2 - Effective Date
Justification
One manner of resolving disputes under certain insurance policies is the appraisal process, which is similar to arbitration. When an insured requests an appraisal, and the insurer refuses, the insured can seek a Court Order requiring the insured to participate in the appraisal process. Unfortunately, the Courts have taken a limited view as to what issues are subject to appraisal. This bill would clarify that the amount of the loss is a proper subject of arbitration. This change will result in substantial savings in litigation costs to both sides of a dispute.
Legislative history
New bill
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.