Analysis

NJ Bill May Open Floodgates For Insurance Bad Faith Claims

Law360 (June 28, 2018, 12:55 PM EDT) -- The New Jersey Legislature is weighing a bill that would allow policyholders to collect triple damages and attorneys' fees from insurance companies found liable for unfair business practices such as unreasonable coverage delays or denials, and attorneys say the whopping potential penalties could spur an explosion in bad-faith claims if the measure becomes law. 

On June 7, the state Senate voted 21-14 to approve S2144, dubbed the New Jersey Insurance Fair Conduct Act, sending it to the General Assembly for consideration. The measure is currently before the Assembly's Financial Institutions and Insurance Committee.

The bill would create a new statutory cause...

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