A.11541/S.8610, a bill that will limit insurers' ability to deny coverage based on late notice of claim, has been passed in New York. Independent Insurance Agents & Brokers of New Yor, Inc. helped draft the legislation.
Before passage of the bill, an insurance company could deny coverage for a claim that it believed to be reported late, even if the late report did not prejudice its ability to investigate, defend or negotiate a settlement of the claim. The 2007 version of the late notice bill was opposed by IIABNY and vetoed by then Governor Eliot Spitzer.
The 2008 version includes these highlights:
For more information, visit www.iiabny.org/.
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