Two-year Contractual Period Enforced
In The Beekman Regent Condominium Assoc.v. Greater New York Mut. Ins. Co. (NY App. 1st Dept., Nov. 8, 2007), the court dismissed as untimely plaintiff’s action commenced after the policy’s two-year limitations period ran. The court rejected the insureds' arguments that they were unaware of the limitations clause due to the length of the policy, since “an insured has an obligation to read his or her policy and is presumed to have consented to its terms.” The court also concluded that the insurer was under no obligation to call plaintiffs’ attention to the clause, and that its participation in settlement negotiations “either before or after expiration of a limitations period contained in a policy is not, without more, sufficient to prove waiver or estoppel.”
