Until recently, New York’s Insurance Law presented something of a dilemma for insurance companies concerning how quickly they were required to inform their policyholders that they were denying coverage for a claim. On the one hand, the law requires insurers to inform them “as soon as is reasonably possible” when disclaiming coverage for certain types of liability. On the other hand, the law prohibits insurers from disclaiming coverage based on the policyholder’s failure to cooperate unless first diligently seeking to secure such cooperation – a process which requires time and effort... Continue Reading