Bill Text: NY S04756 | 2013-2014 | General Assembly | Amended

New York Senate Bill 4756 (Prior Session Legislation)

Bill Title: Relates to court ordered appraisals under fire insurance policies.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced - Dead) 2014-06-17 - SUBSTITUTED BY A9346A [S04756 Detail]

Download: New_York-2013-S04756-Amended.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4756--A
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                    April 22, 2013
                                      ___________
       Introduced  by  Sens.  DeFRANCISCO, AVELLA, LAVALLE, RANZENHOFER -- read
         twice and ordered printed, and when printed to  be  committed  to  the
         Committee on Insurance -- recommitted to the Committee on Insurance in
         accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
         amended, ordered reprinted as amended and recommitted to said  commit-
         tee
       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.
                                                                  LBD10442-02-4