New York A03889 amends the insurance law to hold insurers liable for excess verdicts if they refuse settlement offers within policy limits.

New York A03889 amends the insurance law by adding a provision that if a liability insurer receives an offer to settle a claim within the policy limits and refuses to do so, the insurer becomes liable for any verdict exceeding the policy limits. The insurer is also prohibited from recovering such excess judgment from the insured. This change aims to protect insured individuals from bearing costs beyond their policy coverage when insurers decline reasonable settlement offers.

New York A03889 amends the insurance law to hold insurers liable for excess verdicts if they refuse settlement offers within policy limits.

New York A03889 amends the insurance law by adding a provision that if a liability insurer receives an offer to settle a claim within the policy limits and refuses to do so, the insurer becomes liable for any verdict exceeding the policy limits. The insurer is also prohibited from recovering such excess judgment from the insured. This change aims to protect insured individuals from bearing costs beyond their policy coverage when insurers decline reasonable settlement offers.