New Insurance Disclosure Requirements In Colorado
On May 22, 2019, Governor Jared Polis signed into law House Bill 19-1283 requiring insurance companies writing personal and automobile coverage to disclose insurance coverage limits to third-party claimants. This new law modifies Insurance Disclosure Requirements In Colorado.
C.R.S. § 10-3-1117 will become effective on January 1, 2020, and imposes requirements for an insurer to provide a copy of the commercial or personal auto policy to an insured within 30 days after receiving a written request for the policy from the insured within 30 days after receiving a written request. Upon receipt of a written request from a third party, an insurance company, within 30 days, must furnish:
- The name of the insurer;
- The name of each insured party, as it appears on the declarations page;
- The limits of the liability coverage; and,
- A complete copy of the insurance policy, including endorsements. The statute, likewise, imposes a penalty provision whereas “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.”
Historically, insurance companies were under no obligation to disclose the limits of liability to an injured party prior to filing a lawsuit or after a car accident. The new law allows persons injured in a car accident in Colorado to obtain the limits of liability without having to file a lawsuit. As described in the bill, the law assists “Colorado residents to evaluate whether their uninsured or underinsured motorist coverage will be triggered.”
After a car accident, you need to concentrate on recovery and medical treatment. Mandelaris Law, LLC has the resources to deal with the most complex auto accident cases and the skills to deal with the insurance company to ensure full compensation for your accident-related losses. Call (303)357-9757 to speak with an attorney free of charge today.