New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 71 - Legal Defense Costs In Liability Policies
Section 71.1 - Definitions

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 71.1

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

For purposes of this Part, the following definitions shall apply:

(a) Legal defense costs means allocated attorney and all other litigation expenses that can be separately identified as arising from the defense of a specific claim.

(b) Liability insurance policy means any insurance policy covering liability, even if it also contains other types of coverage.

(c) Issue shall include issue for delivery.

(d) Commercial risk insurance means insurance as defined in section 107 (a)(47) of the Insurance Law.

(e) Public entity has the meaning contained in section 107 (a)(51) of the Insurance Law.

(f) Not-for-profit organization means a corporation, association, organization or trust described in section 501(c)(3) of the United States Internal Revenue Code.

(g) Large commercial insured means a commercial risk policy insured that:

(1) has a net worth of at least $7,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;

(2) has gross assets exceeding $25,000,000 and a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;

(3) is a for-profit business entity that generates annual gross revenues exceeding $25,000,000, and has a net worth of at least $1,500,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date;

(4) is a for-profit business entity that has gross assets exceeding $25,000,000 and generates annual gross revenues exceeding $25,000,000, as determined by an independent certified public accountant, as of the insured's fiscal year end immediately preceding the policy's effective date; or

(5) is a not-for-profit organization or public entity with an annual budget exceeding $25,000,000 for each of its three fiscal years immediately preceding the policy's effective date.

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