CIB Urges Governor to Sign ''Late Notice of Claim'' Bill into Law
NEW YORK--The Council of Insurance Brokers of Greater New York, Inc. (CIB), the leading professional independent insurance brokers association in the New York Metropolitan area, including Long Island and the Lower Hudson Valley, congratulates the Legislature for passing S.6306 (DeFrancisco) / A.8363-A (Weinstein) and urges the Governor to sign it into law to provide insurance consumers with badly needed protections.
The bill would end New York's "no prejudice rule," whereby insurance carriers can deny coverage under existing insurance policies for late notice of claim, even in situations where the carrier is not materially prejudiced thereby.
In urging the Governor to act favorably on the bill, CIB President, Peter N. Resnick, said: "Signing this bill into law would be a great win for insurance consumers. Policyholders with in-force insurance policies and paid-up premiums, would no longer have their insurers deny coverage on a mere technicality for late notice of claim."
CIB Immediate Past President, Anthony Calafiore, added that: "CIB has supported a late notice bill as part of its Legislative Program for several years. This pro-consumer measure would prevent insurance coverage from being denied solely upon late notice to the carrier and ensure that policyholders will have the insurance benefits they need and have paid for."
Approval of the bill would add certainty to the insurance marketplace, by allowing policyholders to rely upon their insurance contracts for legal defense costs and indemnification where lawfully adjudicated or settled.
Here is a link to CIB's Letter-in-Support of the bill to the Governor: www.cibgny.com.
For further comment or information, please contact CIB President Peter N. Resnick at (516) 248-1100, x315 or Anthony Calafiore, Immediate Past President, at (718) 273-7272.
Contacts
Council of Insurance Brokers of Greater New York, Inc.
Peter N. Resnick, 516-248-1100, x315
President
or
Anthony Calafiore, 718-273-7272
Past President
The bill would end New York's "no prejudice rule," whereby insurance carriers can deny coverage under existing insurance policies for late notice of claim, even in situations where the carrier is not materially prejudiced thereby.
In urging the Governor to act favorably on the bill, CIB President, Peter N. Resnick, said: "Signing this bill into law would be a great win for insurance consumers. Policyholders with in-force insurance policies and paid-up premiums, would no longer have their insurers deny coverage on a mere technicality for late notice of claim."
CIB Immediate Past President, Anthony Calafiore, added that: "CIB has supported a late notice bill as part of its Legislative Program for several years. This pro-consumer measure would prevent insurance coverage from being denied solely upon late notice to the carrier and ensure that policyholders will have the insurance benefits they need and have paid for."
Approval of the bill would add certainty to the insurance marketplace, by allowing policyholders to rely upon their insurance contracts for legal defense costs and indemnification where lawfully adjudicated or settled.
Here is a link to CIB's Letter-in-Support of the bill to the Governor: www.cibgny.com.
For further comment or information, please contact CIB President Peter N. Resnick at (516) 248-1100, x315 or Anthony Calafiore, Immediate Past President, at (718) 273-7272.
Contacts
Council of Insurance Brokers of Greater New York, Inc.
Peter N. Resnick, 516-248-1100, x315
President
or
Anthony Calafiore, 718-273-7272
Past President
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