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Quote of the Day - When in doubt, predict that the present trend will continue. - Merkin's Maxim
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New York Starts Trend Against Insurance Companies

Here's a quote businesses will be sure to love: the time has come to "acknowledge that freedom of contract is a fiction when applied to insurance policies."

That's straight from the mouth of two justices from the majority decision in the case of Great Canal Realty Corp. v. Seneca Insurance Company, Inc. (subscription may be needed). They said that while New York courts have historically been reluctant to inhibit freedom of contract, the Supreme Court (called the Court of Appeals in NY) wouldn't tolerate the insurance company's "prejudice" claims for late claims.

The whole case (again, subscription may be needed) turns on this word: "immediate." Which is what the insurance companies have demanded in the contract (policy) for notification of a claim. Then, when an insured doesn't tender the claim "immediately," ... well you already know don't you: it's a big stamp.

CLAIM DENIED.

Not any longer, at least in New York. We'll see if this ruling spreads to other jurisdictions.

I thought trends started in California.

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Printer friendly page Permalink Email to a friend Posted by J. Craig Williams on Thursday, December 23, 2004 at 13:14 Comments Closed (0) |
 
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