N.Y. Comp. Codes R. & Regs. tit. 11 § 61.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 61.1 - Modifications of standard fire insurance policy

The standard fire insurance policy required by section 3404 of the Insurance Law, when used by assessment corporations, pursuant to section 6609 shall contain the following modifications:

(a) There shall be printed at the top of the first page, and in type of which the face shall not be smaller than 12-points, the following:

"THIS POLICY IS ISSUED ON THE

ASSESSMENT PLAN"

(b) The first two lines of the policy are modified to read as follows:

"In consideration of the Stipulation herein or added hereto and of the payment of

___

Dollars by the insured to wit:

......................................................................................................................

(

)

(c) In lieu of attaching a separate form the company may, after the word "elsewhere" at the end of the first paragraph of page one, place a "," and add the following:

"to wit:

......................................................................................................................

and

......................................................................................................................

and

......................................................................................................................

ALL SITUATE on and contained in the premises owned and occupied by the insured in the ___ of ___ County of ___ State of New York."

The short form policy may also be used by attaching the form on the third page of the policy following the printing of the special regulations and preceded by the words "Attach Form Below This Line".

(d) There shall be printed on the first page immediately above the last paragraph the following:

"Provisions Required by Law to be Stated in this Policy:- This company is an assessment corporation having bylaws and special regulations relating to meetings of members, election of directors, rights and obligations of members and liability of members to assessment as printed on the third page hereof."

(e) The witness clause shall be modified to read as follows:

"In Witness Whereof, this Company has executed and attested these presents by its President and Secretary this ____ day ____, 20 _

......................................................................................................................

Secretary.

......................................................................................................................

President."

(f) Lines 57 and 60 on page two reading in part: "above the customary short rates for the expired term." shall be omitted.

(g) Preceding the provisions of the corporation's bylaws and special regulations printed on the third page there shall be the following caption:

"THIS POLICY IS ISSUED BY An ASSESSMENT CORPORATION HAVING SPECIAL REGULATIONS AS FOLLOWS"

(h) There shall be printed at the top of the filing back the following:

"STANDARD FIRE INSURANCE POLICY OF THE STATE OF NEW YORK FOR ASSESSMENT CORPORATIONS"

N.Y. Comp. Codes R. & Regs. Tit. 11 § 61.1