Requires sellers of residential real property to provide the buyers with the homeowners insurance claims history of the property; requires real estate purchase contract forms provided by real estate brokers to include notice of a buyer's right to the homeowners insurance claims history; requires insurers to provide such homeowners insurance claims histories to the owner of the property within 10 days of receiving a request; imposes a $25 a day fine for any violation of such provisions by an insurer.
STATE OF NEW YORK
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7636
2009-2010 Regular Sessions
IN ASSEMBLY
April 17, 2009
___________
Introduced by M. of A. P. RIVERA, ESPAILLAT, CARROZZA, BENJAMIN, WRIGHT,
GREENE -- Multi-Sponsored by -- M. of A. ALFANO, ARROYO, BARRA,
BOYLAND, BRENNAN, CLARK, DIAZ, HEASTIE, HOOPER, JACOBS, V. LOPEZ,
MARKEY, McDONOUGH, McENENY, ORTIZ, PERALTA, PERRY, PHEFFER, POWELL,
RAMOS, J. RIVERA, N. RIVERA, ROBINSON, TOWNS, WEISENBERG -- read once
and referred to the Committee on Judiciary
AN ACT to amend the real property law, in relation to requiring sellers
of residential real property to provide the homeowners insurance
claims history to the buyers of such property and requiring notice
thereof to be provided in each real estate purchase contract provided
by a real estate broker; and to amend the insurance law, in relation
to requiring insurers to provide the homeowners insurance claims
history of residential real property to the owner thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 4 of section 443-a of the real property law is
2 renumbered subdivision 5 and a new subdivision 4 is added to read as
3 follows:
4 4. (a) For the purposes of this subdivision:
5 (i) "Real estate purchase contract" shall have the same meaning as
6 ascribed to such term by subdivision four of section four hundred
7 sixty-one of this chapter.
8 (ii) "Residential real property" shall have the same meaning as
9 ascribed to such term by subdivision five of section four hundred
10 sixty-one of this chapter.
11 (b) A seller of residential real property who has entered into a real
12 estate purchase contract with a buyer shall, upon the request of such
13 buyer, provide the buyer the homeowners insurance claims history for
14 such property.
15 (c) Every real estate purchase contract form, provided by a real
16 estate broker or any real estate salesman associated with such broker,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10781-01-9
A. 7636 2
1 shall include the following statement printed in bold type and not less
2 than fourteen point print:
3 "You have the right to obtain this home's insurance claims history
4 from the seller of the property. The homeowners insurance claims history
5 of this property will impact the cost of the premium you will pay for
6 homeowners insurance."
7 § 2. The insurance law is amended by adding a new section 3416 to read
8 as follows:
9 § 3416. Homeowners insurance claims history. (a) Every insurer provid-
10 ing homeowners insurance in this state shall, within ten days of the
11 receipt of a request for the homeowners insurance claims history,
12 provide such history to the owner of the insured property. Such history
13 shall include the homeowners insurance claims made and paid on the real
14 property, and shall include the information included in the Comprehen-
15 sive Loss Underwriting Exchange.
16 (b) The superintendent shall impose a fine of twenty-five dollars upon
17 an insurer for each day such insurer fails to comply with the provisions
18 of subsection (a) of this section and for each day such insurer fails to
19 provide all homeowners insurance claims history information that is
20 available to such insurer.
21 § 3. This act shall take effect on the ninetieth day after it shall
22 have become a law.
