N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 62-1.1

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

Section 62-1.1 - Contents

Fire insurance companies licensed to do business in this State may issue renewal certificates renewing expiring fire insurance policies and supplemental contracts covering added perils or subjects of insurance. The form of such certificate shall conform with the following prescribed provisions:

(a) It shall contain the name and address of the company or companies issuing the same; the number of the policy it renews; and a brief notice to the policyholder that it is a valuable document. The certificate shall not be less than 81/2 inches by 7 inches in size and should have the general appearance of a fire insurance policy.

(b) It shall recite the consideration and shall contain a statement that it is issued subject to all of the agreements, stipulations, provisions, conditions, limitations and endorsements attached to the policy it renews except as otherwise stated in the certificate. It shall be further subject to any additional endorsements applying during the renewal period.

(c) It shall provide spaces for the named assured; the location of the property insured; the term of renewal; a description of the premises with respect to construction and occupancy; the amounts, rates and premium chargeable as of the effective date of such renewal for the respective items covered such as building, contents, etc.; the percentage of total insurance to value, if any, required by the contract; the name of the payee or payees, if any, as interest may appear.

(d) It shall contain the following provisions:

(1) "This renewal certificate shall have the same status as though a new policy had been written with similar provisions, stipulations and agreements."

(2) "If during the period that insurance is in force under said policy or as renewed by this certificate, the policy, any authorized endorsements or filed rules and regulations affecting the same, are revised by statute or otherwise, so as to extend or broaden this insurance without additional premium charge, such extended or broadened insurance shall inure to the benefit of the assured hereunder."

(e) Daily report copies of renewal certificates shall be made and contain such additional information as may be deemed essential for rate checking purposes by the rating organization of which the company is a member or subscriber.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 62-1.1