New York A 3889: Changes the amount of the exemption permitted for capital improvements to residential buildings

Bill Text

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A03889 Summary:

BILL NOA03889 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORMeeks

&nbsp

COSPNSRBronson, Gonzalez-Rojas

&nbsp

MLTSPNSR

&nbsp

Amd §3420, Ins L

&nbsp

Requires a liability insurer that has an opportunity to settle a claim at or within the policy limits, and refuses to do so, to be liable for any verdict in excess of the insurance policy limits; prohibits the insurer from recovering such excess judgment from the insured.

Go to top A03889 Actions:

BILL NOA03889 

&nbsp

01/30/2025referred to insurance

01/07/2026referred to insurance

Go to topA03889 Committee&nbspVotes:

Go to topA03889 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03889 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3889

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. MEEKS, BRONSON, GONZALEZ-ROJAS -- read once and
 referred to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to requiring a liability
 insurer that has received an offer to settle a claim at or within the
 policy limits, and refuses to do so, to be liable for any verdict in
 excess of such policy limits

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsection (a) of section 3420 of the insurance law is
 2 amended by adding a new paragraph 7 to read as follows:
 3 (7) A provision that, if the insurer has received an offer to settle a
 4 claim at or within the insurer's policy limits, and the insurer refuses
 5 to do so, thereby exposing the insured to a verdict in excess of the
 6 policy limits, the insurer shall be liable for any verdict in excess of
 7 the policy limits, not limited to any other policy provisions and not
 8 subject to the limitations and conditions of paragraph two of this
 9 subsection. Such provision shall clearly state that the insurer shall
 10 have no right to seek or recover damages against the insured for such a
 11 judgment rendered against the insurer or the insured.
 12 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07347-01-5

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