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 71.4 - Separate defense limit
Current through Register Vol. 46, No. 39, September 25, 2024
(a) A liability insurance policy that provides for payment of legal defense costs under a separate defense limit, as specified in subdivision (b) of this section, may be issued or renewed in this State.
(b) The policy shall provide coverage for pollution liability or environmental impairment and shall be issued or renewed to an owner or operator of underground storage tanks in order to satisfy the financial responsibility requirements promulgated by the Federal Environmental Protection Agency.
(c) The policy shall provide that:
Type of insured |
Monthly facility throughput (gallons) |
No. of tanks |
Minimum limits |
|
Per claim |
Annual aggregate |
|||
Petroleum Nonmarketer | 10,000 or less | 100 or less | $ 500,000 | $1,000,000 |
10,000 or less | 101 or more | $ 500,000 | $2,000,000 | |
10,001 or more | 100 or less | $1,000,000 | $1,000,000 | |
10,001 or more | 101 or more | $1,000,000 | $2,000,000 | |
Petroleum Marketer | N/A | 100 or less | $1,000,000 | $1,000,000 |
N/A | 101 or more | $1,000,000 | $2,000,000 |
(d) If legal services insurance is a part of the policy, then the separate defense limit may not be reduced by greater than 25 percent.