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NY A01231
Bill
Status
11/22/2024
Primary Sponsor
Jennifer Lunsford
Click for details
AI Summary
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Allows service contract providers to obtain insurance coverage through one or more service contract reimbursement insurance policies instead of being limited to a single policy.
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Requires each service contract reimbursement insurance policy to obligate the insurer to either discharge the provider's obligations under service contracts or indemnify the provider for losses sustained in performing those obligations.
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Mandates that service contracts include a statement informing customers they can make claims directly against the insurer if the provider fails to pay or provide service within 60 days after proof of loss is filed.
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Requires service contracts to list the name, address, and toll-free telephone number of each insurer providing the related service contract reimbursement insurance policy.
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Takes effect immediately upon enactment.
Legislative Description
Relates to contractual liability insurance policies; requires the insurer to either discharge the obligations of the provider under the terms of the service contract, or in the event of the provider's nonperformance, cancellation of the service contract.
Last Action
tabled
11/22/2024