New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 62 - FIRE INSURANCE
Subpart 62-1 - Renewal Certificates For Fire Insurance
Section 62-1.1 - Contents

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 62-1.1

Current through Register Vol. 46, No. 39, September 25, 2024

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.

Disclaimer: These regulations may not be the most recent version. New York 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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.