N.Y. Comp. Codes R. & Regs. tit. 16 § 467.3

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

Section 467.3 - Salvage and insurance

(a) Salvage and insurance recovered in connection with maintenance jobs shall be credited to the appropriate maintenance accounts.

(b) If the amount of insurance recovered is relatively large and is received before the repairs have been completed, a disproportionate credit to operating expenses may be avoided by crediting the amount of the insurance recovered to a suspense account, to be transferred to the appropriate maintenance accounts as the charges for the work are made.

(c) Insurance recovered in connection with personal injuries charged to account 799, Injuries and Damages, shall be credited to that account.

(d) Dividends distributed by mutual insurance companies shall be credited to the accounts to which the insurance premiums were charged.

(e) Recoveries under fidelity bonds shall be credited to the account charged with the loss.

N.Y. Comp. Codes R. & Regs. Tit. 16 § 467.3