What is a statute of repose in an insurance litigation case?

A statute of repose in an insurance litigation case is a law that limits the amount of time that a person or business has to file a lawsuit against an insurance company. In the state of New York, the statute of repose is set at three years. This means that any lawsuit stemming from a claim against an insurance company must be filed within three years of the date that the claim was made. If the claim is not filed within this three-year period, it will be considered time-barred and cannot be pursued in court. The statute of repose is different from the statute of limitations, which is a law that sets the amount of time that a person or business has to file a lawsuit after an accident or other incident has occurred. For example, in New York, the statute of limitations for filing a lawsuit related to a car accident is three years. In most cases, the statute of repose and the statute of limitations are the same, although there are exceptions. The purpose of the statute of repose is to limit the frequency of litigation and to give insurance companies the ability to more accurately plan for future liabilities. It is important to remember that the statute of repose applies in most cases, and not filing a lawsuit within the specified time period will likely mean that the claim will be dismissed. It is important to seek legal advice as soon as possible to make sure that your rights are protected.

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