Big I NY and a coalition of 34 other business organizations urged Gov. Kathy Hochul this week to veto legislation that would lead to skyrocketing wrongful death lawsuit awards and increased insurance costs for all New Yorkers.
In a letter to the Governor, the coalition pointed to the severe economic implications that would result from the passage of A.9232B/S.8485B (aka Wrongful Death/Grieving Families Act) and the impact that it would have on New York families and businesses. The coalition letter notes that, if enacted into law, personal auto and small business insurance premiums are expected to increase by 6% and 10.9%, respectively.
Gov. Hochul has twice vetoed the wrongful death expansion where she cited the impact it would have on the cost of insurance of all types, especially the healthcare sector. The bill expands the types of compensation available to family members in a wrongful death claim to include subjective and difficult to define elements like grief, emotional anguish, and loss of companionship. It would also apply retroactively to January 1, 2021.
These and other components of the bill inject extreme uncertainty into the insurance environment and will drive costs for all consumers. The legislation is not expected to be acted upon until after the November 5 election. The letter and a news article reporting on the effort can be viewed HERE.