NY S08004

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

Applies requirements to insurers writing property and liability coverage when a local state of emergency is declared, a disaster emergency is declared by the governor, or a major disaster declaration is issued by the President, and the disaster is a natural disaster or act of terrorism.

Requires insurers to accept or reject non-commercial claims within 15 business days of receiving properly executed proof of loss and all required documents (30 business days if arson is suspected), with one 15-day extension available and additional 15-day extensions if the insurer cannot access the property.

Requires insurers to accept or reject commercial claims within 15 business days, with one 30-business-day extension available and additional 30-day extensions if more time is needed.

Changes the payment deadline for settled claims from 3 business days to 4 business days from receipt of settlement agreement or performance of agreed conditions, whichever is later, and delays the effectiveness of the 2023 emergency claims law from immediate to 30 days after enactment.