Hurwitz & Fine Insurance Coverage Chair Dan Kohane, Members Lee Siegel and Diane Bucci, and Associate Brian Barnas, were recently published in Law360’s Expert Analysis section for their article on new legislation being debated in Albany. Late last week, A07285, which would create statutory insurance company bad faith, was introduced in the New York State Assembly. For New York State insurers, this bill creates a nightmare, exposing insurers to extracontractual damages, interest, attorneys fees, double and treble damages and other penalties, if they fail to settle cases claims in as little as six months—or even shorter periods of time—even though there may be disputed question about liability, damages and coverage. Current statutory, regulatory and common law remedies already exist to address unfair claims settlement practices.
Read the original article on Law360 here.
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