NY Bad Faith Bill Would Tip The Scales Against Insurers

By Dan Kohane, Lee Siegel and Diane Bucci (May 13, 2021, 11:57 AM EDT) -- New York's newest bad faith bill has legislators yet again on the precipice of bringing Florida-style extracontractual liability to the Empire State.

Legislation winding its way through the Capitol hallways in Albany would upset the careful balance New York maintains between carriers and their insureds, in favor of a paradigm-shifting approach strongly favoring policyholders and even affording standing to third parties to sue carriers for bad faith.

If enacted, New Yorkers could see an unprecedented increase in insurance-related litigation, leading to higher insurance premiums and consumer costs, and less choice as carriers opt out of the New York insurance market....

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