Section 3416 - Parametric insurance(a) Except as provided in subsection (b) of this section, an insurer that issues a parametric insurance policy shall disclose the following information in the application for the insurance policy and in a prominent writing upon policy issuance and renewal: (1) the policy is not a substitute for property insurance or flood insurance, as relevant, which generally provide more comprehensive coverage in the event of a loss; and(2) a mortgagee or loss payee may not accept a parametric insurance policy. (b) An excess line broker who procures a parametric insurance policy pursuant to section two thousand one hundred five of this chapter shall provide the disclosures required by subsection (a) of this section on behalf of the insurer.Added by New York Laws 2024, ch. 569,Sec. 3, eff. 1/12/2025.