This week the Big I NY legislative team and a small group of agent members met with Counsel for Gov. Hochul to share perspective on the wide variety of windstorm deductible triggers used in New York insurance policies. Late in the legislative session, lawmakers passed A.2866/S.4199, which directs the superintendent of the New York State Department of Financial Services (DFS) to “establish standards for windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event."
Call participants expressed support for the bill, citing it as an opportunity to bring stakeholders together to narrow the scope of windstorm triggers and support clarity and choice for consumers. There are currently more than 100 different windstorm definitions approved by the DFS, including many that are effectively the same but use different language.
Governor Hochul will have ten business days to act on the bill once it is transmitted to her, which is not expected to happen until after Election Day.