New Insurance Bill on Appraisal signed by Governor Cuomo

June 28, 2014 by  
Filed under Uncategorized

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.  Appraisal will not decide issues of whether or not a loss is covered.  But it can be an inexpensive way to settle a disputed claim.  You can avoid hiring an attorney or waiting years for a court case to be heard.

For more information on the appraisal process, see Alternate Resolution.

See also Court Ruling Affirms That Scope Of Loss Is Appraisable

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