Disclosure Of Insurance Liability Coverage

Automobile insurance policy disclosures - liability - appropriation. The act requires an insurer that provides or may provide commercial automobile or personal automobile liability insurance coverage that pays all or a portion of a pending or prospective claim to provide to a claimant via mail, facsimile, or electronic delivery, within 30 calendar days after receiving a written request from the claimant, a statement setting forth the following information with regard to each known policy of insurance of the named insured, including excess or umbrella insurance: The name of the insurer; The name of each insured party, as the name appears on the declarations page of the policy; The limits of the liability coverage; and A copy of the policy. An insured party, upon written request of a claimant or a claimant's attorney, shall disclose to the claimant or claimant's attorney the name and coverage of each known insurer of the insured party. An insurer that violates the disclosure requirement is liable to the requesting claimant for damages in an amount of $100 per day, beginning on and including the 31st day following the receipt of the claimant's written request. The penalty accrues until the insurer provides the information required. An insurer that fails to make a required disclosure is also responsible for attorney fees and costs incurred by a claimant in enforcing the penalty. The claimant and any attorney of the claimant shall not disclose the disclosed information to any party; except that the claimant and an attorney of the claimant may discuss the information with the claimant's insurer. The act appropriates $12,599 to the department of regulatory agencies from the division of insurance cash fund to implement the act. (Note: This summary applies to this bill as enacted.) Read More