New York Unfair Claims Practices Act
 

The purpose of the New York Unfair Claims Practices Act is to protect New York policyholders by holding insurers accountable for refusing to pay, unreasonably delaying, or undervaluing property damage claims. The Act in its current form takes a fair and balanced approach in aiming to reduce costly litigation but it does not do enough to protect consumers.

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What’s being proposed?​

 

The proposed changes to the Act permit policyholders who meet its criteria to recover the following, in addition to their claim payment:​

• Compensatory Damages

• Consequential Damages

• Reasonable Attorneys’ Fees

• Punitive Damages* ​​​

​*capped at three times the value of the covered loss