New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 75 - Standards For Insurance That Qualifies For The Environmental Remediation Insurance Tax Credit
Section 75.1 - Required coverages
Current through Register Vol. 46, No. 12, March 20, 2024
In accordance with the provisions of section 3447(b) of the Insurance Law, in order to qualify for the environmental remediation insurance tax credit provided for under section 23 of the Tax Law, the insurance must be written pursuant to the provisions of section 1113(a)(13) or (14) of the Insurance Law and must contain any of the following coverages or substantially similar coverages or combination of coverages:
(a) coverage for the costs of on-site clean-up of pre-existing pollution conditions from the insured property that are outside the scope of the remedial work plan pursuant to section 27-1411 of the Environmental Conservation Law for such insured property, hereinafter called coverage 1;
(b) coverage for third-party claims for on-site bodily injury and property damage resulting from pre-existing pollution conditions outside the scope of the remedial work plan for the insured property, hereinafter called coverage 2;
(c) coverage that caps clean-up costs relating to the remedial work plan, hereinafter called coverage 3; and
(d) coverage for the costs of State re-openers pursuant to section 27-1421 of the Environmental Conservation Law or modifications to the remedial work plan to fill any gap in any liability limitation provided pursuant to section 27-1421 of the Environmental Conservation Law for environmental conditions, hereinafter called coverage 4.
