NY A08518

Defines "natural disaster" to include widespread catastrophic damage from natural causes such as fire, flood, earthquake, hurricane, tornado, wind, storm, and ice storm.

Applies standards to insurers covering property damage and liability when a local state of emergency is declared, a governor declares a disaster emergency, or the President issues a major disaster declaration, and the disaster is a natural disaster or act of terrorism.

Requires insurers to advise claimants within 15 business days whether non-commercial claims are accepted or rejected, with extensions available (30 days if arson suspected, additional 15 days if property access prohibited).

Requires insurers to advise claimants within 15 business days for commercial claims, with one-time 30-business-day extension available and subsequent 30-business-day notifications if more time needed.

Extends payment deadline from 3 business days to 4 business days after settlement agreement is received by the insurer, and requires rejection notices for personal property claims to include insurer contact information, policy number, claim number, and instructions for filing complaints with the insurance department.