N.Y. Comp. Codes R. & Regs. tit. 11 § 25.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 25.5 - Definitions

(a)Business day means any calendar day except Sunday, or the following business holidays: New Year's Day, Martin Luther King Day, President's Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans' Day, Thanksgiving Day and Christmas Day.

(b)Business entity means a partnership, corporation, including a not-for-profit corporation, association, or limited liability company.

(c)Insured means a person insured under the policy who is making a claim against an insurer for loss or damage to property in this State, and who is represented by a public adjuster in the adjusting of such loss.

(d)Within the second degree of consanguinity means a relationship in which one individual is another individual's parent, grandparent, child, grandchild, sibling, or spouse thereof.

(e)Supplemental claim means a claim made to an insurer in a situation in which an insured did not retain a public adjuster when the insured made an initial claim, the insurer made a payment to the insured, and then the insured retained a public adjuster to prove the amount and extent of the loss and not the cause of the loss.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 25.5

Amended New York State Register August 11, 2021/Volume XLIII, Issue 32, eff. 10/8/2021