BILL NO S01760
SAME AS SAME AS UNI. A01222
Amd S3445, Ins L
Provides that the maximum deductible allowed in catastrophic windstorms shall
not be greater than fifteen hundred dollars and shall be stated in the policy
in numerical terms; also provides that deductibles shall only be applicable to
losses incurred in windstorms with speeds greater than 125 miles per hour.
S T A T E O F N E W Y O R K
S. 1760 A. 1222
2013-2014 Regular Sessions
S E N A T E - A S S E M B L Y
January 9, 2013
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Insurance
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred
to the Committee on Insurance
AN ACT to amend the insurance law, in relation to windstorm insurance
notice regarding deductibles
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 3445 of the insurance law, as added by chapter 44
2 of the laws of 1998, is amended to read as follows:
3 S 3445. Windstorm insurance notice. 1. The superintendent shall by
4 regulation establish disclosure requirements with respect to the opera-
5 tion of any deductible in a homeowner's insurance policy or dwelling
6 fire personal lines policy which applies as the result of a windstorm.
7 Such regulations shall prescribe the form of a notice to be provided by
8 an insurer to an insured. The notice shall explain in clear and plain
9 language the amount of the deductible SUBJECT TO SUBSECTION THREE OF
10 THIS SECTION, the circumstances under which the deductible applies and
11 any other matters which the superintendent, in his or her discretion,
12 shall deem necessary or appropriate.
13 2. A CATASTROPHIC WINDSTORM DEDUCTIBLE APPLICABLE TO A HOMEOWNER'S
14 INSURANCE POLICY OR DWELLING FIRE PERSONAL LINES POLICY SHALL NOT BE
15 APPROVED BY THE DEPARTMENT UNLESS THE DEDUCTIBLE IS APPLICABLE ONLY TO
16 LOSSES INCURRED IN A HURRICANE WHICH CAUSES WIND SPEEDS OF ONE HUNDRED
17 TWENTY-FIVE MILES OR GREATER PER HOUR TO OCCUR WITHIN THE STATE.
18 3. THE MAXIMUM DEDUCTIBLE ALLOWED SHALL NOT BE GREATER THAN FIFTEEN
19 HUNDRED DOLLARS AND SHALL BE STATED ON THE POLICY IN NUMERICAL TERMS.
20 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.