New Insurance Bill on Appraisal signed by Governor Cuomo

June 28, 2014 by  
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In the waning days of the spring session of the NY legislature, both the Assembly and Senate unanimously passed a bill that requires ALL insurers in NY not only to honor the formal appraisal clause found in every property policy, but also to include “the extent of damage” meaning the scope of the loss. ¬†While appraisal will not decide issues of whether or not a loss is covered, it can be an inexpensive way to settle a disputed claim without hiring an attorney or waiting years for a court case to be heard. ¬†Please see our tab outlining the appraisal process (Alternate Resolution) which can be found under the “Considerations” tab on our top menu bar.