N.Y. Comp. Codes R. & Regs. tit. 19 § 200.6

Current through Register Vol. 46, No. 43, October 23, 2024

Section 200.6 - Commercial crime insurance coverage

(a) Every cemetery corporation shall carry commercial crime insurance or similar insurance coverage for the acts or omissions of cemetery directors, officers, and employees as well as volunteers who handle money, accounts or securities for the cemetery.

(b) The annual financial report filed with the division shall set forth the amount of commercial crime coverage, the classes of persons included, the name of the carrier/issuer, the policy number, and the expiration date of coverage.

(c) The amount of coverage required is $15,000 or 10% of total financial assets, whichever is greater, up to a maximum of $500,000. Notwithstanding the foregoing:

(1) the division may, at its discretion, order a cemetery to obtain commercial crime coverage in excess of $500,000 if it determines that an increase in coverage is appropriate and that such coverage is readily available in the marketplace. A cemetery subject to such order may file a protest with the Cemetery Board pursuant to section 200.2(b); and

(2) Upon application as prescribed by the division showing good cause for such relief, a cemetery may request that the division reduce, waive or modify the requirements under this section. Good cause may include proof that the cemetery is unable to obtain commercial crime insurance or similar coverage despite diligent effort, or that the cost of such coverage at the level required by this section is onerous and unreasonable.

N.Y. Comp. Codes R. & Regs. Tit. 19 § 200.6

Adopted New York State Register March 9, 2016/Volume XXXVIII, Issue 10, eff.3/9/2016