Provides superintendent of insurance shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2729
SPONSOR: Weisenberg (MS) TITLE OF BILL: An act to amend the insurance law, in relation to
homeowners insurance deductibles triggers
PURPOSE OR GENERAL IDEA OF BILL: To help promote better understanding
of the applicability and amount of hurricane windstorm deductibles in
homeowners and dwelling fire policies. To establish reasonable standards
for the operation of hurricane windstorm deductibles.
JUSTIFICATION: An area of confusion for consumers is what activates
or "triggers" the applicability of their windstorm deductible. Current-
ly, different insurers' deductible programs contain a variety of "trig-
gering" events. Since the triggering event will determine whether a
windstorm deductible applies to a policyholder's loss, it is crucial
that it be fair and reasonable to both the policyholder and the insurer.
LEGISLATIVE HISTORY: 2012 - A3283 passed Assembly/S3387 referred to
Insurance 2010: A.4847 - Passed Assembly 2009: A.4847 - Referred to
Insurance
FISCAL IMPLICATIONS:; None
EFFECTIVE DATE: Immediately and shall apply to all policies issued or
renewed on or after the ninetieth day of promulgation of the required
regulations.
