New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 1 - ADMINISTRATION
Subchapter 28 - FORMATION OF A DOMESTIC PROPERTY AND CASUALTY INSURANCE CORPORATION STOCK OR MUTUAL OR RECIPROCAL INSURANCE EXCHANGE
Section 11:1-28.4 - Types of insurance

Universal Citation: NJ Admin Code 11:1-28.4

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The following are the types of insurance which a company may be formed to transact under the stated paragraphs of 17:17-1:

1. Paragraph "a" means fire and allied lines, earthquake and growing crops;

2. Paragraph "b" means ocean marine, inland marine, automobile physical damage and aircraft physical damage;

3. Paragraph "e" means worker's compensation and employer's liability, automobile liability (bodily injury), automobile liability (property damage) and other liability;

4. Paragraph "f" means boiler and machinery;

5. Paragraph "g" means fidelity and surety;

6. Paragraph "i" means credit;

7. Paragraph "j" means burglary and theft;

8. Paragraph "k" means glass;

9. Paragraph "l" means sprinkler leakage and water damage;

10. Paragraph "m" means livestock;

11. Paragraph "n" means smoke and smudge; and

12. Paragraph "d" means accident and health insurance as defined in 17B:17-4.

(b) The following are the miscellaneous coverages allowed under 17:17-1, paragraph "o":

1. All loss to buildings and structures, including consequential loss, and against loss or damage to property of others, caused by an insured;

2. The perils of radioactive contamination and all other perils causing physical loss to nuclear energy installations and facilities including consequential loss; and

3. All other miscellaneous coverage, including, but not limited to, the following:
i. Loss or damage to property by epidemic;

ii. Loss or damage to property by power failure or mechanical breakdown;

iii. Loss or damage to property or any insurable interest therein caused by insects or by radiation resulting from atomic fission;

iv. Engine breakdown;

v. Loss or damage to property of the assured caused by falling of tanks or equipment for protecting property against fire, by explosion other than steam boilers, pipes, engines, motor, and machinery connected therewith (except fire);

vi. Loss resulting from the right to participate in associations or pools, such as NEPIA and NELIA, which associations or pools are authorized to write "All Risks" insurance involving nuclear fuel exposure;

vii. Economic security; and

viii. All other liability not covered under 17:17-1(e), including voluntarily assumed liability.

(c) A stock insurance company may be formed to transact solely the following lines of business:

1. Mortgage guarantee insurance, pursuant to 17:46A-1 et seq.; and

2. Title insurance, pursuant to 17:46B-1 et seq.

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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