Bill Text: NY A09346 | 2013-2014 | General Assembly | Amended
Bill Title: Relates to court ordered appraisals under fire insurance policies.
Spectrum: Partisan Bill (Democrat 27-0)
Status: (Passed) 2014-11-21 - signed chap.451 [A09346 Detail]
Download: New_York-2013-A09346-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 9346--A I N A S S E M B L Y April 16, 2014 ___________ Introduced by M. of A. MORELLE, COOK, JACOBS, LIFTON, ABINANTI, CRESPO, SKARTADOS, STIRPE, OTIS, MOSLEY, SIMOTAS, CUSICK, SKOUFIS, BENEDETTO, BRINDISI, CLARK, MAGNARELLI, BROOK-KRASNY, McDONALD, WEPRIN -- Multi- Sponsored by -- M. of A. FAHY, HIKIND, MAGEE, MARKEY, ROBINSON, THIELE -- read once and referred to the Committee on Insurance -- reported and referred to the Committee on Codes -- reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules AN ACT to amend the insurance law, in relation to court ordered appraisals under fire insurance policies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. Subsection (c) of section 3408 of the insurance law, as 2 added by chapter 25 of the laws of 2010, is amended to read as follows: 3 (c) In the event of a covered loss, whenever an insured or insurer 4 fails to proceed with an appraisal upon demand of the other, either 5 party may apply to the court in the manner provided in subsection (a) of 6 this section for an order directing the other to comply with such 7 demand. [If an] AN appraisal [is so ordered, it] shall [be limited to a 8 determination of] DETERMINE THE actual cash value [and/or], THE replace- 9 ment cost, [or] the EXTENT OF THE LOSS OR DAMAGE AND THE amount of THE 10 loss OR DAMAGE which shall be determined as specified in the policy and 11 shall proceed pursuant to the terms of the applicable appraisal clause 12 of the insurance policy and not as an arbitration. NOTWITHSTANDING THE 13 PROVISIONS OF THIS SUBSECTION, AN APPRAISAL SHALL NOT DETERMINE WHETHER 14 THE POLICY ACTUALLY PROVIDES COVERAGE FOR ANY PORTION OF THE CLAIMED 15 LOSS OR DAMAGE. 16 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10442-03-4