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New York Diminished Value

New York Diminished ValueIn New York, the statute of limitations on torts is 3 years, this means that you need to file suit against the at fault driver within 3 years of the accident.

 

If the insurance company is offering you an unfair loss in value amount, you need to hire an independent appraiser to rebut their valuation.

 

You can also escalate the claim by contacting the New York Insurance Commissioner.

 

To get the process started and to get a free estimate, please fill out the form below.

Insurance Bad Faith in New York

 

Citation: N.Y. Ins. Law §40-d 2402(2)

 

Note: No subsection (2) to §40-d 2402 is identifiable. This seems to be the right area for your interest, but the citation is not clear.

 

Article 24 Insurance

 

§  2402.  Definitions.  In  this  article:    (a)  “Person”  means any

individual and any  legal  entity  subject  to  any  provision  of  this

chapter,  engaged  in the business of insurance in this state, including

any reciprocal exchange or Lloyds insurer, or in the  business  of  life

settlements.

(b)  “Defined  violation”  means  the commission by a person of an act

prohibited by: subsection (a) of section one thousand one  hundred  two,

section  one  thousand  two  hundred  fourteen, one thousand two hundred

seventeen, one thousand two hundred twenty, one thousand  three  hundred

thirteen, subparagraph (B) of paragraph two of subsection (i) of section

one thousand three hundred twenty-two, subparagraph (B) of paragraph two

of subsection (i) of section one thousand three hundred twenty-four, two

thousand  one  hundred  two,  two  thousand  one  hundred seventeen, two

thousand one hundred twenty-two, two thousand one hundred  twenty-three,

subsection  (p)  of section two thousand three hundred thirteen, section

two thousand three hundred twenty-four, two thousand five  hundred  two,

two  thousand  five  hundred  three, two thousand five hundred four, two

thousand six hundred one, two thousand six hundred two, two thousand six

hundred three, two thousand six hundred four, two thousand  six  hundred

six,  two thousand seven hundred three, three thousand one hundred nine,

three thousand two hundred twenty-four-a, three  thousand  four  hundred

twenty-nine,  three  thousand four hundred thirty-three, paragraph seven

of subsection (e) of section three  thousand  four  hundred  twenty-six,

four  thousand  two  hundred  twenty-four,  four  thousand  two  hundred

twenty-five, four thousand two hundred twenty-six, seven thousand  eight

hundred  nine,  seven  thousand  eight hundred ten, seven thousand eight

hundred eleven, seven thousand eight hundred  thirteen,  seven  thousand

eight  hundred fourteen and seven thousand eight hundred fifteen of this

chapter; or section  135.60,  135.65,  175.05,  175.45,  or  190.20,  or

article one hundred five of the penal law.

(c) “Determined  violation”  means any unfair method of competition or

any unfair or  deceptive  act  or  practice,  which  is  not  a  defined

violation  but  is  determined by the superintendent pursuant to section

two thousand four hundred five of this article to be such method, act or

practice.