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New York's Highest Court Rules That Insurance Companies May Be Liable For Extra-Contractual Damages For Failure To Pay Insurance Benefits.
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Article Excerpt
On February 19, 2008, in two cases that are likely to have far reaching implications for both insurers and insureds, the New York Court of Appeals (the state's highest court), issued a landmark decision in Bi-Economy Market, Inc. v. Harleysville Insurance Company and Panasia Estates, Inc. v. Hudson Insurance Company,1 holding that an insurance carrier which wrongfully delays payment or denies coverage to its insured may be liable for consequential damages or other extra-contractual damages suffered by the insured, even if those...
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